Document:

EX-4.2

 Exhibit 4.2 
 BLACKSTONE MORTGAGE TRUST, INC. 
 2013 STOCK INCENTIVE PLAN

 1. Purpose. The purpose of the Blackstone Mortgage Trust, Inc. 2013 Stock Incentive Plan is to provide a means
through which the Company and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors (and prospective directors, officers, employees, consultants and advisors) of
the Company and its Affiliates, as well as employees of the Manager and its Affiliates who are providing services to the Company and its Affiliates, can acquire and maintain an equity interest in the Company, or be paid incentive compensation
measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and aligning their interests with those of the Company’s stockholders. 

2. Definitions. The following definitions shall be applicable throughout the Plan. 

(a) “Absolute Share Limit” has the meaning given such term in Section 5(b). 

(b) “Affiliate” means, with respect to any Person, (i) any other Person that directly or indirectly controls, is
controlled by or is under common control with such Person and/or (ii) to the extent provided by the Committee, any person or entity in which such Person has a significant interest. The term “control” (including, with correlative
meaning, the terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 
 (c)
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award and Performance Compensation Award
granted under the Plan. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Change in Control” means: 
 (i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then outstanding shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the
conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in
Control: (I) any acquisition by the Company or any Affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate, or (III) in respect of an Award held by a particular Participant, any
acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant); 

 (ii) during any period of 24 months, individuals who, at the beginning of
such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or
nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest,
as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the
Board shall be deemed to be an Incumbent Director; 
 (iii) the sale, transfer or other disposition of all or
substantially all of the business or assets of the Company or its Subsidiaries to any Person that is not an Affiliate of the Company; or 
 (iv) the consummation of a reorganization, recapitalization, merger, consolidation, or other similar transaction involving the Company (a “Business Combination”), unless immediately
following such Business Combination 50% or more of the total voting power of the entity resulting from such Business Combination (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting
securities eligible to elect a majority of the board of directors (or the analogous governing body) of such resulting entity), is held by the holders of the Outstanding Company Voting Securities immediately prior to such Business Combination.

 (f) “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the
Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

(g) “Committee” means a committee of the Board appointed by the Board to administer the Plan, or subcommittee thereof if
required with respect to actions taken to comply with Section 162(m) of the Code in respect of Awards or, if no such committee or subcommittee thereof has been appointed, the Board, or the Board to act in lieu of any such committee or
subcommittee. 
 (h) “Common Stock” means the Class A Common Stock of the Company, par value $0.01 per
share, and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged. 

  
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 (i) “Company” means Blackstone Mortgage Trust, Inc., a Maryland
corporation, and any successor thereto. 
 (j) “Date of Grant” means the date on which the granting of an Award
is authorized, or such other date as may be specified in such authorization. 
 (k) “Designated Foreign
Subsidiaries” means all Affiliates organized under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the Committee from time to time. 

(l) “Disability” means, unless in the case of a particular Award the applicable Award agreement states otherwise, the
Company or its Affiliates having cause to terminate a Participant’s employment or service on account of “disability,” as defined in any then-existing employment, consulting or other similar agreement between the Participant and the
Company or its Affiliates or, in the absence of such an employment, consulting or other similar agreement, a condition entitling the Participant to receive benefits under a long-term disability plan of the Company or its Affiliates, or, in the
absence of such a plan, the complete and permanent inability by reason of illness or accident to perform the duties of the occupation at which a Participant was employed or served when such disability commenced. Any determination of whether
Disability exists shall be made by the Committee in its sole discretion. 
 (m) “Effective Date” means
April 26, 2013, the date on which the Plan was adopted by the Board, subject to obtaining the approval of the Company’s stockholders. 
 (n) “Eligible Director” means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, (ii) an “outside
director” within the meaning of Section 162(m) of the Code and (iii) an “independent director” under the rules of the NYSE or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed
or quoted, or a person meeting any similar requirement under any successor rule or regulation. 
 (o) “Eligible
Person” means (i) any individual employed by the Company or its Affiliates; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such
eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) any non-employee director of the Company or its Affiliates; (iii) consultant or advisor to the Company or its
Affiliates, including employees of the Manager and its Affiliates, who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act; or (iv) any prospective employees, directors, officers,
consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he or she begins employment with or providing
services to the Company or its Affiliates), who, in the case of each of clauses (i) through (iv) above has entered into an Award agreement or who has received written notification from the Committee or its designee that they have been
selected to participate in the Plan. 

  
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 (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended,
and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or
successor provisions to such section, rules, regulations or guidance. 
 (q) “Exercise Price” has the meaning
given such term in Section 7(b) of the Plan. 
 (r) “Fair Market Value” means, on a given date,
(i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on
that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between
the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or
quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Committee or the Board to be the fair market value of the Common Stock. 
 (s) “Immediate Family Members” shall have the meaning set forth in Section 14(b). 
 (t) “Incentive Stock Option” means an Option which is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the
requirements set forth in the Plan. 
 (u) “Indemnifiable Person” shall have the meaning set forth in
Section 4(e) of the Plan. 
 (v) “Manager” means BREDS/CT Advisors L.L.C., a Delaware limited liability
company. 
 (w) “Negative Discretion” shall mean the discretion authorized by the Plan to be applied by the
Committee to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code. 

(x) “Nonqualified Stock Option” means an Option which is not designated by the Committee as an Incentive Stock Option.

 (y) “Non-Employee Director” means a member of the Board who is not an employee of the Company or any
Affiliate. 
 (z) “NYSE” means the New York Stock Exchange. 

(aa) “Option” means an Award granted under Section 7 of the Plan. 

(bb) “Option Period” has the meaning given such term in Section 7(c) of the Plan. 

  
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 (cc) “Other Stock-Based Award” means an Award granted under Section 10
of the Plan. 
 (dd) “Participant” means an Eligible Person who has been selected by the Committee or the Board
to participate in the Plan and to receive an Award pursuant to the Plan. 
 (ee) “Performance Compensation
Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan. 
 (ff) “Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goals for a Performance Period with respect
to any Performance Compensation Award under the Plan. 
 (gg) “Performance Formula” shall mean, for a
Performance Period, the one or more objective formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of
the Performance Compensation Award has been earned for the Performance Period. 
 (hh) “Performance Goals”
shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria. 
 (ii) “Performance Period” shall mean the one or more periods of time of not less than 12 months, as the Committee may select, over which the attainment of one or more Performance Goals
will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation Award. 
 (jj) “Permitted Transferee” shall have the meaning set forth in Section 14(b) of the Plan. 
 (kk) “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 

(ll) “Plan” means this Blackstone Mortgage Trust, Inc. 2013 Stock Incentive Plan. 

(mm) “Restricted Period” means the period of time determined by the Committee during which an Award is subject to
restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 
 (nn) “Restricted Stock” means Common Stock, subject to certain specified restrictions (including, without limitation, a requirement that the Participant remain continuously employed or
provide continuous services for a specified period of time), granted under Section 9 of the Plan. 
 (oo)
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (including, without limitation, a requirement that the
Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan. 

  
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 (pp) “SAR Period” has the meaning given such term in Section 8(c) of
the Plan. 
 (qq) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto.
Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such
section, rules, regulations or guidance. 
 (rr) “Service Recipient” means, with respect to a Participant
holding a given Award, either the Company or its Affiliates of the Company by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or
following a Termination was most recently providing, services, as applicable. 
 (ss) “Stock Appreciation
Right” or “SAR” means an Award granted under Section 8 of the Plan. 
 (tt) “Strike
Price” has the meaning given such term in Section 8(b) of the Plan. 
 (uu) “Subsidiary” means,
with respect to any specified Person: 
 (i) any corporation, association or other business entity of which more
than 50% of the total voting power of shares of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers
voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent
thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof). 
 (vv) “Substitute Award” has the meaning given such term in Section 5(e).

 (ww) “Sub Plans” means, any sub-plan to this Plan that has been adopted by the Board or the Committee for
the purpose of permitting the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the United States of America, with each such sub-plan designed to comply with local laws applicable to offerings in such
foreign jurisdictions. Although any Sub Plan may be designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Absolute Share Limit shall apply in the aggregate to the Plan and any Sub Plan adopted
hereunder. 

  
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 (xx) “Termination” means the termination of a Participant’s employment
or service, as applicable, with the Service Recipient; provided, however, that with respect to any Participant who is an employee of the Manager or its Affiliates, such Participant shall be deemed to undergo a Termination hereunder upon the first to
occur of (i) a termination of the Manager’s provision of services to the Company and its Affiliates pursuant to the terms of the applicable management agreement; and (ii) a termination of such Participant’s employment with the
Manager and its Affiliates. 
 3. Effective Date; Duration. The Plan shall be effective as of the Effective Date. The
expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and
conditions of the Plan shall continue to apply to such Awards. 
 4. Administration. 

(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the
Exchange Act (if the Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee
shall, at the time he or she takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the
Committee that is otherwise validly granted under the Plan. 
 (b) Subject to the provisions of the Plan and applicable law, the
Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan or pursuant to the authorization of the Board, to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in
connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other securities, other
Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the
delivery of cash, Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee;
(vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or
waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
 (c) Except to the extent prohibited by applicable law or the applicable rules
and regulations of any securities exchange or inter-dealer quotation system on which the securities 

  
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of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers
of the Company or any Subsidiary the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Committee herein, and which may be so delegated
as a matter of law, except for grants of Awards to persons (i) who are non-employee members of the Board or otherwise are subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably expected to be, “covered
employees” for purposes of Section 162(m) of the Code. 
 (d) Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at
any time and shall be final, conclusive and binding upon all Persons, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

(e) No member of the Board, the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person
shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any
action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made under the Plan or any Award agreement and
against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such
Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall
ultimately be determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the
Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to
the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable Person giving rise to
the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Charter or Bylaws. The foregoing right
of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s Charter or Bylaws, as a matter of law, individual indemnification
agreement or contract or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

  
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 (f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its
sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules of the NYSE or any other securities exchange or inter-dealer
quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the power granted to the Committee under the Plan. 
 5. Grant of Awards; Shares Subject to the Plan; Limitations. 
 (a) The
Committee may, from time to time, grant Awards to one or more Eligible Persons. 
 (b) Awards granted under the Plan shall be
subject to the following limitations: (i) subject to Section 12 of the Plan, no more than 2,160,106 shares of Common Stock, less any shares of Common Stock issued or subject to awards granted under the Blackstone Mortgage Trust, Inc. 2013
Manager Incentive Plan (the “Absolute Share Limit”), shall be available for Awards under the Plan; (ii) subject to Section 12 of the Plan, grants of Options or SARs under the Plan in respect of no more than 540,025 shares
of Common Stock may be made to any individual Participant during any single fiscal year of the Company (for this purpose, if a SAR is granted in tandem with an Option (such that the SAR expires with respect to the number of shares of Common Stock
for which the Option is exercised), only the shares underlying the Option shall count against this limitation); (iii) subject to Section 12 of the Plan, no more than 2,160,106 shares of Common Stock may be delivered in the aggregate
pursuant to the exercise of Incentive Stock Options granted under the Plan; and (iv) subject to Section 12 of the Plan, no more than 540,025 shares of Common Stock may be delivered in respect of Performance Compensation Awards granted
pursuant to Section 11 of the Plan to any individual Participant for a single fiscal year during a Performance Period (or with respect to each single fiscal year in the event a Performance Period extends beyond a single fiscal year), or in the
event such share-denominated Performance Compensation Award is paid in cash, other securities, other Awards or other property, no more than the Fair Market Value of such shares of Common Stock on the last day of the Performance Period to which such
Award relates. 
 (c) Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled,
forfeited, terminated, settled in cash, or otherwise is settled without a delivery to the Participant of the full number of shares of Common Stock to which the Award related, the undelivered shares will again be available for grant. Shares of Common
Stock withheld in payment of the exercise price or taxes relating to an Award and shares equal to the number of shares surrendered in payment of any Exercise Price or Strike Price, or taxes relating to an Award, shall be deemed to constitute shares
not delivered to the Participant and shall be deemed to again be available for Awards under the Plan; provided, however, that such shares shall not become available for issuance hereunder if either (i) the applicable shares are
withheld or surrendered following the termination of the Plan or (ii) at the time the applicable shares are withheld or surrendered, it would constitute a material revision of the Plan subject to stockholder approval under any then-applicable
rules of the national securities exchange on which the Common Stock is listed. 

  
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 (d) Shares of Common Stock issued by the Company in settlement of Awards may be authorized
and unissued shares, shares purchased on the open market or by private purchase or a combination of the foregoing. 
 (e) Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines
(“Substitute Awards”). Substitute Awards shall not be counted against the Absolute Share Limit; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options
intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan.
Subject to applicable stock exchange requirements, available shares under a stockholder approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the
acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock available for delivery under the Plan. 
 6. Eligibility. Participation in the Plan shall be limited to Eligible Persons. 
 7. Options. 
 (a) General. Each Option granted under the Plan shall
be evidenced by an Award agreement, in written or electronic form, which agreement need not be the same for each Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions
not inconsistent with the Plan as may be reflected in the applicable Award agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award agreement expressly states that the Option is intended to be an
Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an
Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of
Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a
Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section 422 of the
Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a
Nonqualified Stock Option appropriately granted under the Plan. 

  
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 (b) Exercise Price. Except as otherwise provided by the Committee in the case of
Substitute Awards, the exercise price (“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant); provided, however,
that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Affiliate, the Exercise Price
per share shall be no less than 110% of the Fair Market Value per share on the Date of Grant. 
 (c) Vesting and
Expiration. 
 (i) Options shall vest and become exercisable in such manner and on such date or dates
determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided, that if the Option Period (other than in the case of an Incentive
Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), the Option Period shall be automatically extended until the
30th day following the expiration of such prohibition; provided, however, that in no event shall the Option Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of
Grant owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Affiliate. 
 (ii) An Award agreement may provide that a Participant’s any or all Options outstanding as of such Participant’s Termination may expire and/or terminate prior to the expiration of the Option
Period. 
 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be issued pursuant to any exercise
of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local and non-U.S. income and employment taxes required to be withheld.
Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company (or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied
by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures
approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company); provided, that such shares of Common Stock are not subject to any
pledge or other security interest; or (ii) by such other method as the Committee may permit in its sole discretion, including without limitation: (A) in other property having a fair market value on the date of exercise equal to the
Exercise Price or (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered (including telephonically to the extent
permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or
(C) a “net exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price and all applicable required withholding taxes.
Any fractional shares of Common Stock shall be settled in cash. 

  
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 (e) Notification upon Disqualifying Disposition of an Incentive Stock Option. Each
Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he or she makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock
Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after the date of
exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Common Stock acquired pursuant
to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Common Stock. 

(f) Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option
in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any
securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 
 8. Stock
Appreciation Rights. 
 (a) General. Each SAR granted under the Plan shall be evidenced by an Award agreement. Each
SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include
tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. Except
as otherwise provided by the Committee in the case of Substitute Awards, the strike price (“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of
the Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. 

(c) Vesting and Expiration. 
 (i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted
independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the
“SAR Period”); provided that if the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the 

  
 12 

 
Company’s insider trading policy (or Company-imposed “blackout period”), the SAR Period shall be automatically extended until the 30th day following the expiration of such
prohibition. 
 (ii) An Award agreement may provide that a Participant’s any or all SARs outstanding as of
such Participant’s Termination may expire and/or terminate prior to the expiration of the SAR Period. 
 (d) Method of
Exercise. SARs which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which
such SARs were awarded. 
 (e) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount
equal to the number of shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any Federal, state,
local and non-U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee in its sole
discretion. Any fractional shares of Common Stock shall be settled in cash. 
 (f) Substitution of SARs for Nonqualified
Stock Options. The Committee shall have the power in its sole discretion to substitute, without the consent of the affected Participant or any holder or beneficiary of SARs, SARs settled in shares of Common Stock (or settled in shares or cash in
the sole discretion of the Committee) for outstanding Nonqualified Stock Options, provided that (i) the substitution shall not otherwise result in a modification of the terms of any such Nonqualified Stock Option, (ii) the number of
shares of Common Stock underlying the substituted SARs shall be the same as the number of shares of Common Stock underlying such Nonqualified Stock Options and (iii) the Strike Price of the substituted SARs shall be equal to the Exercise Price
of such Nonqualified Stock Options; provided, however, that if, in the opinion of the Company’s independent public auditors, the foregoing provision creates adverse accounting consequences for the Company, such provision shall be
considered null and void. 
 9. Restricted Stock and Restricted Stock Units. 

(a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award agreement. Each Restricted
Stock and Restricted Stock Unit grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. 

(b) Stock Certificates and Book Entry; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall
cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant
pending the release of the applicable restrictions, the Committee may require the 

  
 13 

 
Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in
blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute and deliver (in a manner permitted under Section 14(a) or as otherwise determined by the Committee) an agreement evidencing an Award
of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable
Award agreement, the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock (provided that if the lapsing of restrictions
with respect to any grant of Restricted Stock is contingent on satisfaction of performance conditions (other than or in addition to the passage of time), any dividends payable on such shares of Restricted Stock shall be held by the Company and
delivered (without interest) to the Participant within 15 days following the date on which the restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted
Stock to which such dividends relate)). To the extent shares of Restricted Stock are forfeited, all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the
Company. 
 (c) Vesting; Termination. 

(i) The Restricted Period with respect to Restricted Stock and Restricted Stock Units shall lapse in such manner and on
such date or dates determined by the Committee, and the Committee shall determine the treatment of the unvested portion of Restricted Stock and Restricted Stock Units upon Termination of the Participant granted the applicable Award. 

(d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set
forth in the applicable Award agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to
the Participant, or his or her beneficiary, a notice evidencing a book entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the
nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in shares
of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

 (ii) Unless otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted
Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock (or other securities or other property, as

  
 14 

 
applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Common
Stock in lieu of delivering only shares of Common Stock in respect of such Restricted Stock Units or (ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration of the
Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market
Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. To the extent provided in an Award agreement, the holder of outstanding Restricted Stock Units shall be entitled to be
credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, at the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount
of such dividends (and interest may, at the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee), which accumulated dividend equivalents (and
interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the release of restrictions on such Restricted Stock Units, and, if such Restricted Stock Units are forfeited, the
Participant shall have no right to such dividend equivalent payments. 
 (e) Legends on Restricted Stock. Each
certificate representing Restricted Stock awarded under the Plan, if any, shall bear a legend substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all restrictions with
respect to such Common Stock: 
 TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE
TERMS OF THE BLACKSTONE MORTGAGE TRUST, INC. 2013 STOCK INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, BETWEEN BLACKSTONE MORTGAGE TRUST, INC. AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICES OF BLACKSTONE MORTGAGE TRUST, INC. 
 10. Other Stock-Based Awards. 

The Committee may issue unrestricted Common Stock, rights to receive grants of Awards at a future date, or other Awards denominated in
Common Stock (including, without limitation, performance shares or performance units), under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts as the Committee shall from time to time in its sole discretion
determine. Each Other Stock-Based Award granted under the Plan shall be evidenced by an Award agreement. Each Other Stock-Based Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable
Award agreement. 

  
 15 

 11. Performance Compensation Awards. 

(a) General. The Committee shall have the authority, at or before the time of grant of any Award, to designate such Award as a
Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything in the Plan to the contrary, if the Company determines that a Participant who has been
granted an Award designated as a Performance Compensation Award is not (or is no longer) a “covered employee” (within the meaning of Section 162(m) of the Code), the terms and conditions of such Award may be modified without regard to
any restrictions or limitations set forth in this Section 11 (but subject otherwise to the provisions of Section 13 of the Plan). 
 (b) Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such
Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the
Performance Formula. Within the first 90 days of a Performance Period (or, within any other maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for such
Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing. 
 (c) Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) may be based on the attainment of specific levels of performance of the Company (and/or one
or more Affiliates, divisions or operational and/or business units, business segments, administrative departments, or any combination of the foregoing) and shall be limited to the following: (i) terms relative to a peer group or index;
(ii) basic, diluted, or adjusted earnings per share; (iii) sales or revenue; (iv) earnings before interest, taxes, and other adjustments (in total or on a per share basis); (v) cash available for distribution; (vi) basic or
adjusted net income; (vii) returns on equity, assets, capital, revenue or similar measure; (viii) level and growth of dividends; (ix) the price or increase in price of Common Stock; (x) total shareholder return; (xi) total
assets; (xii) growth in assets, new originations of assets, or financing of assets; (xiii) equity market capitalization; (xiv) reduction or other quantifiable goal with respect to general and/or specific expenses; (xv) equity
capital raised; (xvi) mergers, acquisitions, increase in enterprise value of Affiliates, subsidiaries, divisions or business units or sales of assets of Affiliates, Subsidiaries, divisions or business units or sales of assets; and
(xvii) any combination of the foregoing. Any one or more of the Performance Criteria may be stated as a percentage of another Performance Criteria, or used on an absolute or relative basis to measure the performance of the Company and/or one or
more Affiliates as a whole or any divisions or operational and/or business units, business segments, administrative departments of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of
the above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market
indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent required under
Section 162(m) of the Code, the Committee shall, within the first 90 days of a Performance Period (or, within any other maximum period allowed under Section 162(m) of the Code), define in an objective fashion the manner of calculating the
Performance Criteria it selects to use for such Performance Period. 

  
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 (d) Modification of Performance Goal(s). In the event that applicable tax and/or
securities laws change to permit Committee discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining
stockholder approval. Unless otherwise determined by the Committee at the time a Performance Compensation Award is granted, the Committee shall, during the first 90 days of a Performance Period (or, within any other maximum period allowed under
Section 162(m) of the Code), or at any time thereafter to the extent the exercise of such authority at such time would not cause the Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code, specify adjustments or modifications to be made to the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect
the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results;
(iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20 (or any successor pronouncement thereto) and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific, unusual or nonrecurring events,
or objectively determinable category thereof; (viii) foreign exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company’s fiscal year. 

(e) Payment of Performance Compensation Awards. 

(i) Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant
must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. 

(ii) Limitation. Unless otherwise provided in the applicable Award agreement, a Participant shall be eligible to
receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance Compensation Award
has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals. 
 (iii) Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance
Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each
Participant’s Performance Compensation Award actually payable for the Performance Period and, in so doing, may apply Negative Discretion. 

  
 17 

 (iv) Use of Negative Discretion. In determining the actual amount of
an individual Participant’s Performance Compensation Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through
the use of Negative Discretion. Unless otherwise provided in the applicable Award agreement, the Committee shall not have the discretion to (A) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if
the Performance Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of the Plan. 

(f) Timing of Award Payments. Unless otherwise provided in the applicable Award agreement, Performance Compensation Awards granted
for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications required by this Section 11. Any Performance Compensation Award that has been deferred shall not (between
the date as of which the Award is deferred and the payment date) increase (i) with respect to a Performance Compensation Award that is payable in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by
the Committee or (ii) with respect to a Performance Compensation Award that is payable in shares of Common Stock, by an amount greater than the appreciation of a share of Common Stock from the date such Award is deferred to the payment date.
Any Performance Compensation Award that is deferred and is otherwise payable in shares of Common Stock shall be credited (during the period between the date as of which the Award is deferred and the payment date) with dividend equivalents (in a
manner consistent with the methodology set forth in the last sentence of Section 9(d)(ii)). 
 12. Changes in Capital
Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire
shares of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring events
(including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental
body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make
any such adjustments in such manner as it may deem equitable, including without limitation, any or all of the following: 
 (i) adjusting any or all of (A) the Absolute Share Limit, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder, (B) the number of
shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without
limitation, adjusting any or all of the limitations under Section 5 

  
 18 

 
of the Plan) and (C) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind
of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award, or (3) any applicable performance measures (including, without
limitation, Performance Criteria and Performance Goals); 
 (ii) providing for a substitution or assumption of
Awards (or awards of an acquiring company), accelerating the exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than ten (10) days) for Participants
to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall terminate upon the occurrence of such event); and 

(iii) cancelling any one or more outstanding Awards and causing to be paid to the holders holding vested Awards (including
any Awards that would vest as a result of the occurrence of such event but for such cancellation) the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or
to be received by other stockholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified
by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share
Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor); 

provided, however, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board
Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock
Options under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments
under this Section 12 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Any such adjustment shall be conclusive and binding for all purposes. Payments to holders
pursuant to clause (iii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such
Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any
applicable Exercise Price or Strike Price). In addition, prior to any payment or adjustment contemplated under this Section 12, the Committee may require a Participant to (A) represent and warrant as to the unencumbered title to his
Awards, (B) bear such Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the
other holders of Stock, and (C) deliver customary transfer documentation as reasonably determined by the Committee. 

  
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 13. Amendments and Termination. 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided that no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval if (i) such approval is necessary to comply with any regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted), (ii) it
would materially increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 5 or 12), or (iii) it would materially modify the requirements for participation in the Plan; provided,
further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 13(b) without stockholder approval. 

(b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award agreement,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award agreement, prospectively or retroactively (including after a Participant’s
Termination); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant; provided, further, that without stockholder approval, except as otherwise permitted under Section 5 or 12 of the Plan, (i) no amendment or
modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR with a lower Exercise Price or Strike Price, as the
case may be or other Award or cash payment that is greater than the value of the cancelled Option or SAR, and (iii) the Committee may not take any other action which is considered a “repricing” for purposes of the stockholder approval
rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted. 

14. General. 
 (a) Award Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant and shall specify the terms and conditions of the Award and any
rules applicable thereto, including without limitation, the effect on such Award of the death, Disability or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award agreement
may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award. The Committee need
not require an Award agreement to be signed by the Participant or a duly authorized representative of the Company. 

  
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 (b) Nontransferability. 

(i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under
applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or its Affiliates; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable
Award agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration
statement promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; (C) a
partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as “charitable contributions”
for federal income tax purposes; 
 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in
writing that such a transfer would comply with the requirements of the Plan. 
 (iii) The terms of any Award
transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there
shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award agreement, that such a
registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the
Participant under the Plan or otherwise; and (D) the consequences of the Termination of the Participant under the terms of the Plan and the applicable Award agreement shall continue to be applied with

  
 21 

 
respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the
applicable Award agreement. 
 (c) Dividends and Dividend Equivalents. The Committee in its sole discretion may provide a
Participant as part of an Award with dividends or dividend equivalents, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by
the Committee in its sole discretion, including without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted
Stock or other Awards; provided, that no dividends or dividend equivalents shall be payable in respect of outstanding (i) Options or SARs or (ii) unearned Performance Compensation Awards or other unearned Awards (although dividends
and dividend equivalents may be accumulated in respect of unearned Awards and paid within 15 days after such Awards are earned and become payable or distributable). 
 (d) Tax Withholding. 
 (i) A Participant shall be required
to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any
compensation or other amounts owing to a Participant, the amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under
the Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes. 

(ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a
Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) owned by the Participant having a Fair Market Value
equal to such withholding liability or (B) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value
equal to such withholding liability, provided that with respect to shares withheld pursuant to clause (B), the number of such shares may not have a Fair Market Value greater than the minimum required statutory withholding liability. 

(e) No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or its Affiliates, or other person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants,
whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall 

  
 22 

 
be construed as giving any Participant any right to be retained in the employ or service of the Company or its Affiliates, nor shall it be construed as giving any Participant any rights to
continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or any Award agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to
non-continuation of the Award beyond the period provided under the Plan or any Award agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and
the Participant, whether any such agreement is executed before, on or after the Date of Grant. 
 (f) International
Participants. With respect to Participants who reside or work outside of the United States of America and who are not (and who are not expect to be) “covered employees” within the meaning of Section 162(m) of the Code, the
Committee may in its sole discretion amend the terms of the Plan or Sub-Plans or outstanding Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other
treatment for a Participant, the Company or its Affiliates. 
 (g) Designation and Change of Beneficiary. Each
Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his or her death. A
Participant may, from time to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be
controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such
receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. 

(h) Termination. Except as otherwise provided in an Award agreement, unless determined otherwise by the Committee at any point
following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit)
nor a transfer from employment or service with one Service Recipient to employment or service with another Service recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant’s undergoes a Termination of
employment, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise determined
by the Committee, in the event that any Service Recipient ceases to be an Affiliate of the Company (by reason of sale, divestiture, spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to another
entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such transaction. 

  
 23 

 (i) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan
or any Award agreement, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued to that person. 

(j) Government and Other Regulations. 
 (i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as
may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock
pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that
such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale
under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of the Company or any Affiliate delivered under
the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, the Federal securities laws, or the rules, regulations and other requirements of the
Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other
requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any certificates representing shares of Common Stock or other securities of the Company or any Affiliate
delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company’s
instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its
sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the
Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in
accordance with the foregoing, the Company shall pay to the Participant an amount equal 

  
 24 

 
to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the
date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of shares of Common
Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof. 
 (k) No Section 83(b) Elections Without Consent of the Committee. No election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by
the terms of the applicable Award agreement or by action of the Committee in writing prior to the making of such election. If a Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly
permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in
addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

(l) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under
the Plan is unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his or her estate (unless a prior claim therefor has been made by a duly appointed legal
representative) may, if the Committee so directs the Company, be paid to his or her spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf
of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 
 (m) Nonexclusivity of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any
limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable
generally or only in specific cases. 
 (n) No Trust or Fund Created. Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall
require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain
separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of
the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. 

  
 25 

 (o) Reliance on Reports. Each member of the Committee and each member of the Board
shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any information, opinion, report, or statement, including any financial statement
or other financial data, prepared or presented by any officer or employee of the Company whom the Committee reasonably believes to be reliable and competent in the matters presented; a lawyer, certified public accountant, or other person, as to a
matter which the Committee reasonably believes to be within the person’s professional or expert competence; another committee of the Board on which a Committee member does not serve, as to matters within its designated authority, if the
Committee reasonably believes such committee to merit confidence; and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself. 

(p) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan. 
 (q) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable to contracts made and performed wholly within the State of
Maryland, without giving effect to the conflict of laws provisions thereof. 
 (r) Severability. If any provision of the
Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award,
such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

(s) Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. 

(t) 409A of the Code. 
 (i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of this Plan comply with Section 409A of the Code, and all provisions of this Plan shall be construed
and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on or in respect of such Participant in connection with this Plan or any other plan maintained by the Company (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any Affiliate shall have any
obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless 

  
 26 

 
from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to
“termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that
may be made in respect of any Award granted under the Plan is designated as separate payments. 
 (ii)
Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred
compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to
the date that is six months after the date of such Participant’s “separation from service” or, if earlier, the Participant’s date of death. Following any applicable six month delay, all such delayed payments will be paid in a
single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. 

(iii) Unless otherwise provided by the Committee, in the event that the timing of payments in respect of any Award (that
would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be permitted unless the event giving rise
to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and
any Treasury Regulations promulgated thereunder or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant to Section 409A of the Code and any
Treasury Regulations promulgated thereunder. 
 (u) Clawback/Forfeiture. Notwithstanding anything to the contrary
contained herein, an Award agreement may provide that the Committee may in its sole discretion cancel such Award if the Participant has engaged in or engages in detrimental activity that is in conflict with or adverse to the interest of the Company
or any Affiliate, including, without limitation, fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion. The Committee may also provide in an Award agreement that if the
Participant otherwise has engaged in or engages in any activity referred to in the preceding sentence, the Participant will forfeit any gain realized on the vesting or exercise of such Award, and must repay the gain to the Company. The Committee may
also provide in an Award agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including without limitation by reason of a financial restatement,
mistake in calculations or other administrative error), then the Participant shall be required to repay any such excess amount to the Company. Without limiting the foregoing, all Awards shall be subject to reduction, cancellation, forfeiture or
recoupment to the extent necessary to comply with applicable law. 
 (v) Code Section 162(m) Re-approval. If so
determined by the Committee, the provisions of the Plan regarding Performance Compensation Awards shall be submitted for re-approval 

  
 27 

 
by the stockholders of the Company no later than the first stockholder meeting that occurs in the fifth year following the year in which stockholders previously approved such provisions, in each
case for purposes of exempting certain Awards granted after such time from the deduction limitations of Section 162(m) of the Code. Nothing in this subsection, however, shall affect the validity of Awards granted after such time if such
stockholder approval has not been obtained. 
 (w) Expenses; Gender; Titles and Headings. The expenses of administering
the Plan shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in
the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

*        *        * 

  
 28EX-10.9

 Exhibit 10.9 
 SHARED SERVICES AGREEMENT 
 This SHARED SERVICES AGREEMENT (this
“Agreement”) is dated as of July     , 2013, by and among B.C. Ziegler and Company, a Wisconsin corporation (“Ziegler”), Physicians Realty Trust, a Maryland real estate investment trust (the
“REIT”) and Physicians Realty L.P., a Delaware limited partnership (the “Operating Partnership”, the REIT and Operating Partnership, collectively referred to herein as “PRT”). Capitalized terms used herein shall have
the meanings given thereto in the Purchase Agreement (as defined below). 
 WITNESSETH: 

WHEREAS, Ziegler is the current Manager of Ziegler Healthcare Real Estate Fund I, LLC, Ziegler Healthcare Real Estate Fund II, LLC,
Ziegler Healthcare Real Estate Fund III, LLC and Ziegler Healthcare Real Estate Fund IV, LP (together, the “Funds”) and as such, provides certain administration services to the Funds; 

WHEREAS, PRT and the Funds have entered into certain Contribution Agreements pursuant to which the Operating Partnership will acquire all
of the ownership interest in the direct and indirect property owning subsidiaries of the Funds in exchange for common units of limited partnership interest in the Operating Partnership; 

WHEREAS, PRT desires to have Ziegler provide certain administrative services similar to that which was provided to the Funds, the REIT
and the Operating Partnership as set forth herein; 
 NOW, THEREFORE, subject to the terms, conditions, covenants and provisions
of this Agreement, Ziegler, the REIT and the Operating Partnership intending to be legally bound mutually covenant and agree as follows: 
 ARTICLE I 
 SERVICES PROVIDED 

1.1 Shared Services. Upon the terms and subject to the conditions set forth in this Agreement, Ziegler will provide each of those
services (hereinafter referred to individually as a “Shared Service” and collectively as the “Shared Services”) set forth in Schedule A hereto to PRT during the Term (as defined in
Section 4.1). If, at any time during the term of this Agreement, PRT becomes aware of any other service that it deems is necessary or desirable for the operation of the business then PRT shall notify Ziegler in writing of such additional
service, and the parties shall use commercially reasonable efforts to agree on the scope, terms, cost, and duration of the additional services. Upon the mutual agreement of the parties regarding the scope, terms, and duration of such additional
service, the parties shall amend Schedule A hereto to reflect the terms of such additional service and treat such additional service as a Shared Service for the purposes of this Agreement. At least annually, the parties shall review the list
of Shared Services set forth on Schedule A and make any adjustments as the parties shall mutually agree are necessary or desirable. 

  
 1 

 1.2 Personnel. In providing the Shared Services, Ziegler may (i) use the
personnel of Ziegler or its affiliates, including, without limitation, the Ziegler Companies, Inc., and (ii) employ the services of third parties, subject to PRT’s prior approval, if the expense of those third parties is to be paid by PRT.
The employees, agents and representatives used by Ziegler in providing the Shared Services shall be under the direction, control and supervision of Ziegler (or its affiliates), and Ziegler shall have the sole right to exercise all authority with
respect to the employment or engagement (including termination of employment or engagement), assignment and compensation of such employees, agents and representatives. Without limiting the foregoing, each of the REIT and the Operating Partnership
acknowledges and agrees that it has no right to require or specify any particular individual perform any of the Shared Services hereunder, nor does it have a right to prohibit any individual from performing any of the Shared Services so long as such
individual is performing comparable services for the Ziegler or any of its other affiliates. The parties recognize that PRT will make all decisions and operating decisions of its business and be solely responsible for the consequences of its
decisions and providing the factual background for Ziegler to provide the Shared Service. 
 1.3 Representatives. Ziegler
and PRT shall each nominate a representative to act as its primary contact person to coordinate the provision of all of the Shared Services (collectively, the “Primary Coordinators”). Each Primary Coordinator may designate one or
more service coordinators for each specific Shared Service (the “Service Coordinators”). Each party may treat an act of a Primary Coordinator or Service Coordinator of another party as being authorized by such other party without
inquiring behind such act or ascertaining whether such Primary Coordinator or Service Coordinator had authority to so act; provided, however, that no such Primary Coordinator or Service Coordinator has authority to amend this Agreement.
Ziegler and PRT shall advise each other promptly (in any case no more than five (5) business days) in writing of any change in the Primary Coordinators and any Service Coordinator for a particular Shared Service, setting forth the name of the
Primary Coordinator or Service Coordinator to be replaced and the name of the replacement, and certifying that the replacement Primary Coordinator or Service Coordinator is authorized to act for such party in all matters relating to this Agreement,
in the case of a Primary Coordinator or, in the case of a Service Coordinator, with respect to the Shared Service for which such Service Coordinator has been designated. Ziegler, the REIT and the Operating Partnership each agree that all
communications relating to the provision of the Shared Services shall be directed to the Service Coordinators for such Shared Service with copies to the Primary Coordinators. Ziegler’s initial Primary Coordinator shall be Angelique David.
PRT’s initial Primary Coordinator shall be John Sweet. For each Shared Service, Ziegler’s and PRT’s initial Service Coordinator is set forth on Schedule A adjacent to the applicable Shared Service. 

1.4 Level of Transition Services. 
 (a) The Shared Services shall be provided substantially in a manner, at a level of service, and with the same degree of care and diligence, as if such services had been provided to the Funds and shall not
be greater than the services which Ziegler provides to its internal organization. The Shared Services will be performed in Chicago, Illinois and Milwaukee, Wisconsin, as historically provided, or such other location as Ziegler determines in its sole
discretion with reasonable notice to the REIT, if Ziegler utilizes personnel in any 

  
 2 

 
other locations. Nothing in this Agreement shall require Ziegler to favor PRT’s business over Ziegler’s own businesses or those of any of its affiliates or subsidiaries;
provided, that Ziegler accords to PRT no less than the same priority under comparable circumstances as Ziegler has provided the Funds in accordance with recent past practices. 

(b) In addition to being subject to the terms and conditions of this Agreement for the provision of the Shared Services, Ziegler, the
REIT and the Operating Partnership each agree that the Shared Services provided by third parties shall be subject to the terms and conditions of any agreements between Ziegler and such third parties. Unless otherwise approved in advance by PRT, the
costs of services provided by such third parties, shall be included in the Annual Fee paid by PRT under Section 2.1 below. Any such agreements entered into after the date hereof shall be on substantially the same conditions as Ziegler would
enter into with such third parties for its own account, and no such agreements shall be binding on the REIT and/or the Operating Partnership after the Term hereof without the REIT and/or the Operating Partnership’s express written consent.
Ziegler shall consult with the REIT and/or the Operating Partnership concerning the terms and conditions of any such agreements to be entered into, or proposed to be entered into, with third parties after the date hereof. 

(c) The parties acknowledge and agree that the Ziegler will provide notice to the REIT and/or the Operating Partnership of any upgrades
or new equipment that will be utilized to provide the Shared Services hereunder. If the equipment is dedicated or used solely by the REIT, and is available for the REIT to keep upon termination of the Shared Services Agreement, the REIT and/or the
Operating Partnership will pay all costs associated therewith. 
 1.5 Limitation of Liability. 

The parties hereto acknowledge and agree that the Shared Services are provided by Ziegler: (i) at the request of the REIT and/or the
Operating Partnership in order to accommodate it following the contribution of the assets of the Funds, and (ii) with the expectation that Ziegler is not assuming any implied obligation, control over the REIT or the Operating Partnership,
decision-making authority, financial or operational risks, except for those risks explicitly set forth herein. ACCORDINGLY, EACH PARTY AGREES THAT, ABSENT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN CONNECTION WITH EACH PARTY’S PERFORMANCE
HEREUNDER, EACH PARTY, ITS RESPECTIVE SUBSIDIARIES AND AFFILIATES, AND ITS AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, CONSULTANTS AND AGENTS, SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS OR SAVINGS, WHETHER OR NOT SUCH DAMAGES ARE FORESEEABLE, OR FOR ANY THIRD PARTY CLAIMS RELATING TO THE SHARED SERVICES OR ZIEGLER’S PERFORMANCE UNDER THIS AGREEMENT. IN NO EVENT SHALL ZIEGLER’S
LIABILITY RELATED TO SERVICES PROVIDED UNDER THIS AGREEMENT EXCEED THE COMPENSATION ACTUALLY PAID TO ZIEGLER HEREUNDER FOR THE SERVICES PROVIDED. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, ZIEGLER MAKES NO REPRESENTATION OR WARRANTY
WHATSOEVER, EXPRESS OR IMPLIED, INCLUDING, BUT NOT 

  
 3 

 
LIMITED TO, ANY REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARISING OUT OF THIS AGREEMENT AND THE SERVICES TO BE PROVIDED HEREUNDER. Notwithstanding
anything to the contrary contained herein, in the event Ziegler commits an error with respect to or incorrectly performs or fails to perform any Shared Service, at REIT’s and/or the Operating Partnership’s request within a reasonable time
thereafter, Ziegler shall use reasonable efforts and in good faith attempt to correct such error, re-perform or perform such Shared Service at no additional cost to the REIT and/or the Operating Partnership. Nothing contained in this
Section 1.5 shall relieve the REIT and the Operating Partnership of its obligation to pay when due all fees and expenses owed to Ziegler hereunder. 
 1.6 Indemnity. 
 The REIT and the Operating Partnership, jointly and
severally agree to indemnify and hold Ziegler and its subsidiaries and affiliates, successors and assigns, and persons serving as officers, directors, managers, partners or employees, agents, or representatives thereof (each a “Ziegler
Party”) harmless from and against any damages, liabilities, losses, taxes, fines, penalties, costs and expenses (each, a “Damage” and, collectively, the “Damages”) (including, without limitation, reasonable
fees of counsel) of any kind or nature whatsoever (whether or not arising out of third-party claims and including all amounts paid in investigation, defense or settlement of the foregoing) which may be sustained or suffered by any of them arising
out of, in connection with, based on, or by virtue of: (i) any non-fulfillment or breach of any covenant under this Agreement or any gross negligence or willful misconduct on the part of the REIT and/or the Operating Partnership; (ii) a
Ziegler Party’s performance of its duties hereunder, including, without limitation, a Ziegler Party’s adherence to instructions given by the REIT and/or the Operating Partnership’s Primary Coordinator, a Service Coordinator, or other
person who a Ziegler Party reasonably believes is authorized to act on behalf of the REIT and/or the Operating Partnership; or (iii) any act or failure to act by the REIT and/or the Operating Partnership or by any third party not under the
control of Ziegler to the extent the Damages relate to the subject matter of this Agreement, in each case, except to the extent such Damages are sustained or suffered arising out of, in connection with, based on, or by virtue of the gross negligence
or willful misconduct of Ziegler in performing the Shared Services hereunder. Neither the REIT nor the Operating Partnership will, however, be responsible for any claims, liabilities, losses, damages or expenses which are finally judicially
determined to have resulted directly and primarily from Ziegler’s bad faith or gross negligence. 
 1.7 Force
Majeure. Any failure or omission by a party in the performance of any obligation under this Agreement shall not be deemed a breach of this Agreement or create any liability, if the same arises from any cause or causes beyond the control of such
party, which are not reasonably foreseeable, including, but not limited to, the following, which, for purposes of this Agreement shall be regarded as beyond the control of each of the parties hereto: acts of God, fire, storm, flood, performance by
third parties, earthquake, governmental regulation or direction, acts of the public enemy, war, rebellion, insurrection riot, invasion, strike or lockout; provided, that such party shall resume the performance whenever such causes are
removed. 

  
 4 

 1.8 Modification of Procedures. Subject to the procedure set forth in this
Section 1.8 to the extent applicable, Ziegler may make changes from time to time in its standards and procedures for performing the Shared Services, provided that any such change shall be made with respect to all or a significant
portion of such Ziegler’s business. Notwithstanding the foregoing sentence, unless Ziegler reasonably believes such change is required by law, rule or regulation. Ziegler shall not implement any substantial changes affecting PRT unless Ziegler
gives PRT 10 business days (x) to accept, and adapt its operations to accommodate, such changes or (y) to reject the proposed changes. 
 1.9 No Obligation to Continue to Use Services; Ziegler to Assist in Transitioning. 
 (a) Upon expiration of the Initial Term (as defined in Section 4.1), the REIT and the Operating Partnership shall not be obligated to continue to use any of the Shared Services and may
terminate any Shared Service by giving Ziegler ten (10) days prior notice thereof in accordance with the notice provisions herein. 
 (b) Notwithstanding the foregoing, Ziegler shall, to the extent reasonably practicable, assist PRT in PRT’s efforts in undertaking to provide for itself any Shared Services, including without
limitation giving PRT actual possession of the various documents, data and other records used or useful in the delivery of such Shared Services and taking such other steps as are reasonably necessary to assist PRT to provide for itself such Shared
Services on a self sufficient basis; provided that, in no event shall Ziegler be obligated to provide assistance under this Section 1.9 that would result in more than a de minimis cost to Ziegler. 

(c) Ziegler shall be entitled to reimbursement of reasonable costs and expenses it incurs in connection with the assistance it provides
pursuant to this Section 1.9. 
 (d) Upon termination of this Agreement, Ziegler shall deliver to PRT all documents,
records, data and materials relating to the REIT’s and the Operating Partnership’s business and operations that are in the possession or control of Ziegler. Notwithstanding, Ziegler shall retain copies of any documents as necessary for
regulatory purposes. 
 1.10 Access. To the extent necessary to comply with the terms of this Agreement, each party
shall, to the extent permitted by law or regulation, provide personnel of the other party with reasonable access during normal business hours (to the extent practicable) to its equipment, office space, plants, telecommunications and computer
equipment and systems, and any other areas and equipment necessary for the performance of the Shared Services hereunder; provided, however, that such access shall not extend to any party’s proprietary information. 

1.11 The Parties Obligations. During the term of this Agreement, the REIT and the Operating Partnership shall (i) on a timely
basis, comply with any reasonable instructions provided by Ziegler that are necessary for Ziegler to adequately provide the Shared Services; (ii) comply with all applicable standards and procedures applicable to such Shared Service which are in
the manner generally applied by Ziegler in its business; (iii)

  
 5 

 
promptly report any operational or system problem affecting, the provision of any Shared Services to Ziegler and (iv) assist and provide all factual information reasonably required by
Ziegler to allow the provision of Shared Services. Notwithstanding the foregoing, any failure by the REIT and the Operating Partnership to perform any of the foregoing shall not alter or diminish Ziegler’s obligations to provide the Shared
Services on the terms set forth herein, except where the failure to so perform has delayed or materially increased Ziegler’s cost or burden to provide such Shared Service, or where such failure prevents the provision of the Shared Service in
substantially the same manner as previously provided. During the term of this Agreement, Ziegler shall, on a timely basis, provide the Shared Services and comply with any reasonable instructions provided by PRT that are necessary for PRT to meet
their obligations to third parties, including the timely filing of reports with the Securities and Exchange Commission and any other regulatory agency or the NYSE. 
 1.12 Security Level. Ziegler shall, and shall cause its affiliates and subsidiaries to, and the REIT and the Operating Partnership shall, and shall cause its affiliates and subsidiaries to, work
together to ensure that they are each able to maintain their respective current levels (or, if greater, an industry standard level) of physical and electronic security during the term of this Agreement (including data security and data privacy), and
to address any new security related issues, including compliance with applicable law related to security and issues related to new technologies or threats. 
 1.13 Records, Inspection and Audit Rights. 
 (a) To ensure Ziegler’s
compliance with the terms and conditions of this Agreement, the REIT and the Operating Partnership and its affiliates and subsidiaries will have the right upon at least five (5) days written notice, directly or by their designees, to inspect
the books and records and all other documents and material in the possession of or under the control of Ziegler and its affiliates and subsidiaries with respect to the subject matter of this Agreement at the place or places where such records are
normally retained. The REIT and the Operating Partnership, their respective affiliates and subsidiaries and/or their respective designees will have free and full access thereto for such purposes and will be permitted to make copies thereof and
extracts therefrom. The parties acknowledge and agree that the REIT and the Operating Partnership and their representatives will not have access to records of Ziegler or its affiliates to the extent such records pertain to the Ziegler’s or its
affiliates’ other businesses. If an inspection reveals an overcharge with respect to any third party cost paid by the REIT and the Operating Partnership for any Shared Services, Ziegler will promptly reimburse the REIT and the Operating
Partnership for the amount of such overcharge, plus interest, calculated at the rate of five percent (5%) per annum, from the date the overcharge was originally paid by the REIT and/or the Operating Partnership to the date of such
reimbursement. All books and records relative to Ziegler’s obligations hereunder will be maintained and kept accessible and available to PRT and the Operating Partnership and its affiliates and subsidiaries for inspection for at least two
(2) years after termination of this Agreement. 
 (b) The parties acknowledge and agree that Ziegler will provide PRT the
same level of backup and disaster recovery capabilities as Ziegler maintains for its own business. If the REIT and/or the Operating Partnership wishes to acquire additional assistance from Ziegler with respect to backup or disaster recovery of the
REIT and the Operating Partnership records, the parties will agree in advance on changes to the Annual Fee to accommodate the increase in the amount of Shared Services. 

  
 6 

 1.14 Insurance. 

(a) Required Coverage. Without limiting the REIT and the Operating Partnership’s liability to Ziegler or third parties
hereunder, the REIT and the Operating Partnership agree to maintain at its sole cost the following insurance coverages with insurance carriers with A.M. Best rating reasonably acceptable to Ziegler, in Ziegler’s sole discretion: 

(i) All insurance coverages required by federal, state of local law and statute, including Worker’s Compensation Insurance and
Employers’ Liability Insurance. The Employers’ Liability Insurance shall have a minimum coverage of at least $500,000 for each person; 
 (ii) Comprehensive or Commercial General Liability Insurance, providing for minimum Combined Bodily Injury and Property Damage Coverage Limits of at least $1,000,000, per occurrence; 

(iii) Comprehensive Automobile Liability Insurance including coverage for Hired & Non-Owned Automobile Liability, with Combined
bodily Injury and Property Damage Coverage Limits, per occurrence, with a combined single limit of at least $1,000,000; and 

(iv) Comprehensive Crime Policy (CCP) including Employees Dishonest/Fidelity Coverage for all of the REIT and the Operating
Partnership’s employees, officers and agents, and On-Premises (Loss Inside the Premises) and In-Transit (Loss Outside the Premises). The CCP shall have a minimum of at least $5,000,000, per occurrence. 

(v) Professional Liability Coverage (Errors and Omissions) for a minimum combined single limit coverage of at least $5,000,000 per
occurrence. 
 (b) Named Insured. The REIT and the Operating Partnership shall each cause each of the foregoing insurance
policies to provide, and the insurer issuing such policy to certify to Ziegler that: (i) Ziegler will be named as an additional insured under each such insurance policy; and (ii) if such insurance be proposed to be cancelled or materially
changed for any reason whatsoever, such insurer will promptly notify Ziegler and such cancellation or change shall not be effective as to Ziegler for at least thirty (30) days after receipt by Ziegler of such notice, unless the effect of such
change is to extend or increase coverage under the policy. 
 (c) Certificates of Insurance. Prior to performance of any
services or commencement of any work under this Agreement, the REIT and the Operating Partnership shall furnish to Ziegler certificates of insurance evidencing such required insurance coverage. 

  
 7 

 1.15 Administration of the Funds. Ziegler has been and shall remain the Manager of the Funds, and
shall retain all responsibility for the administration of the Funds, after the closing of the transactions to be effected by the Contribution Agreements. Ziegler acknowledges and agrees neither the REIT nor the Operating Partnership nor any of
PRT’s affiliates shall have any obligation to administer the Funds, or owe the Funds any more duties or responsibilities than it owes to any other shareholder of the REIT, provided, however, the REIT shall reimburse Ziegler for the reasonable
cost and expenses payable to a third party, selected and overseen by Ziegler, after consultation with PRT, to (a) perform and prepare routine annual financial audits of the Funds in the normal course of operation of the Funds for the fiscal
year of the Funds ending in 2013 and 2014, and (b) prepare annual tax returns for the Funds, including IRS Form 1040K-1s, for the tax years ending in 2013 and 2014. Ziegler shall continue to pay and assume all other cost and expense of
administering the Funds, including audits and tax return preparations for any calendar or tax year after 2014. PRT shall cooperate with all reasonable requests of Ziegler for information or support necessary for the administration of the Funds.

 ARTICLE II 
 COMPENSATION 
 2.1 Consideration. As consideration for the Shared Services,
the REIT and/or the Operating Partnership shall pay to Ziegler an annual fee equal to $650,000 (the “Annual Fee”), due and payable in equal monthly payments of $54,167, on the first day of each month during the Term hereof, unless
otherwise adjusted as provided herein plus other expenses, as provided herein or agreed to by both parties. If the REIT and/or the Operating Partnership elect to reduce the Shared Services after the second anniversary of the effective date of this
Agreement, the REIT and/or the Operating Partnership shall pay to Ziegler an annual fee equal to $500,000, due and payable in equal monthly payments of $41,667, on the first day of each month during the remaining period of the Term hereof, which
shall be paid, solely at the option of the REIT and/or the Operating Partnership, in either cash or shares of the REIT, valued at a price per share equal to the closing price for the REIT shares on the date of payment. 

2.2 Costs and Expenses. In addition to payment of the Annual Fee specified in Section 2.1 hereof, Ziegler shall be entitled
to prompt reimbursement, but in any event, within thirty (30) days, of any out of pocket costs and expenses payable to third parties, approved by PRT in advance, Ziegler incurs in connection with its provision of Shared Services hereunder and
for any sales, use, or excise fees or taxes. 
 ARTICLE III 

CONFIDENTIALITY 

3.1 Obligation. Except if compelled by a court of proper jurisdiction or as required by applicable law or stock exchange
regulation, during the Term and for a period of one (1) year thereafter, each party and its subsidiaries shall not use or permit the use of (without the prior written consent of the other party) and shall keep, and shall cause its consultants
and advisors to keep, confidential all information (other than information that is 

  
 8 

 
in the public domain, is independently developed or is rightly received from a third party who is not known after reasonable inquiry by the disclosing party to be subject to a confidentiality
obligation with respect to the disclosed information) concerning the other party and its subsidiaries and affiliates received pursuant to or in connection with this Agreement. 
 3.2 Care and Inadvertent Disclosure. With respect to any confidential information each party agrees as follows: 
 (a) it shall use the same degree of care in safeguarding said information as it uses to safeguard its own information which must be held in confidence; and 

(b) upon the discovery of any inadvertent disclosure or unauthorized use of said information, or upon obtaining notice of such a
disclosure or use from any other party, it shall take reasonable actions to prevent any other inadvertent disclosure or unauthorized use; and 
 (c) Ziegler will not disclose or permit disclosure of any non-public information regarding the REIT and/or the Operating Partnership. 

ARTICLE IV 
 TERM

 4.1 Term. This Agreement shall become effective on the Closing Date set forth in the Contribution Agreements and shall
remain in force for a period of five years (the “Initial Term”), and shall automatically renew for additional terms of one year, thereafter, unless either party gives 30 days notice of its intent not to renew prior to expiration of
the then existing term (any such additional period, together with the Initial Term, the “Term”). 
 4.2
Termination of Obligations. The REIT and the Operating Partnership specifically agree and acknowledge that all obligations of Ziegler to provide each Shared Service shall immediately cease upon the termination or expiration of this Agreement.
The REIT and the Operating Partnership shall bear sole responsibility for instituting permanent services, or obtaining replacement services, in respect of any Shared Service terminated in accordance with the provisions hereof, and Ziegler shall bear
no liability for the REIT and the Operating Partnership’s failure to implement or obtain such service or for any difficulties, not caused by Ziegler, in transitioning from the Shared Service to such permanent or replacement service. 

4.3 Termination. This Agreement may be terminated as to all of the Shared Services prior to the expiration of the Term as set
forth in Section 4.1 by: 
 (a) an agreement in writing signed by each of the parties; 

(b) Ziegler, upon thirty (30) days’ prior written notice to PRT of a material breach of PRT’s payment obligations
hereunder (unless the breach is cured by full payment within such time period), if the REIT and/or the Operating Partnership fails to timely pay any fee, cost, expense or other amount due to Ziegler hereunder; provided that, the time period
specified in this Section 4.3(b) may be reduced to twenty (20) days, fifteen (15), ten (10), 

  
 9 

 
and zero (0) days, upon the second, third, fourth, and fifth failure, respectively, by the REIT and/or the Operating Partnership to timely pay any fee, cost, expense or other amount due
under this Agreement to Ziegler; 
 (c) Ziegler, effective immediately upon written notice to the REIT and/or the Operating
Partnership, if the REIT and/or the Operating Partnership files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law or makes or seeks to make a general assignment for the benefit of
its creditors or applies for or consents to the appointment of a trustee, receiver or custodian for it or a substantial part of its property; or 
 (d) PRT upon a material breach of this Agreement by Ziegler, unless the breach is cured within twenty four (24) hours following written notice from PRT to Ziegler of the material default in
performance of Ziegler’s material obligations hereunder. 
 4.4 Survival of Certain Obligations. Without prejudice
to the survival of the other agreements of the parties, the following obligations shall survive the termination of this Agreement: (a) the obligations of each party under Sections 1.5, 1.6, 1.14, ARTICLE III and ARTICLE V and
(b) Ziegler’s right to receive (i) compensation pursuant to Section 2.1 for services rendered prior to the effective date of termination and (ii) reimbursement of costs and expenses pursuant to Sections 1.9 and 2.2 hereunder
to the extent incurred prior to the effective date of termination or in connection with the transition. 
 ARTICLE V 

MISCELLANEOUS 

5.1 Complete Agreement: Construction. This Agreement, including the Schedules hereto, shall constitute the entire agreement
between the parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. In the event of any inconsistency between this Agreement and any Schedule
hereto, the Schedule shall prevail. 
 5.2 Counterparts. This Agreement may be executed in one or more counterparts, all
of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other parties. 

5.3 Notices. All notices and other communications hereunder shall be in writing and hand delivered or mailed by registered or
certified mail (return receipt requested) or sent by any means of electronic message transmission with delivery confirmed (by voice or otherwise) to the parties at the following addresses (or at such other addresses for a party as shall be specified
by like notice) and will be deemed given on the date on which such notice is received: 
 If to the REIT to: 

Physicians Realty Trust 
 240 East Wisconsin Street 
 Suite 1900 

Milwaukee, Wisconsin 53202 
 Attention: John T. Thomas 

  
 10 

 If to Ziegler, to: 
 B.C. Ziegler and Company 
 200 South Wacker Drive, Suite 2000 

Chicago, IL 60606 
 Fax Number: (312) 596-1695 
 Attn: Angelique A. David, General Counsel

 5.4 Waivers. The failure of any party to require strict performance by any other party of any provision in this
Agreement will not waive or diminish that party’s right to demand strict performance thereafter of that or any other provision hereof. 
 5.5 Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by each of the parties hereto. 

5.6 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly; provided, however, that
(i) either party may assign this Agreement without the other’s consent to any of its direct or indirect parents or subsidiaries and (ii) any party may assign this Agreement to any successor to its business, whether by merger,
reorganization or otherwise; provided, further, that any such assignment shall not relieve the assignor of its obligations under this Agreement. Any attempt to assign any rights or obligations arising under this Agreement in contravention with this
paragraph shall be null and void ab initio. 
 5.7 Successors and Assigns. The provisions to this Agreement shall be
binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 

5.8 Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and should not be deemed to confer
upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 
 5.9 Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of
this Agreement. 
 5.10 Schedules. The Schedules to this Agreement shall be construed with and as an integral part of
this Agreement to the same extent as if the same had been set forth verbatim herein. In the event of any conflict between this Agreement and any Schedule, the terms of such Schedule shall govern. 

5.11 Governing Law; Dispute Resolution. This Agreement shall be governed by and construed in accordance with the laws of the State
of Illinois (without regard to its conflicts of law doctrines). 

  
 11 

 5.12 Severability. In the event any one or more of the provisions contained in this
Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

5.13 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the parties or any third party as creating
a partnership or the relationship of principal and agent or joint venturer between the parties, it being understood and agreed that no provision contained herein, and no act of the parties, shall be deemed to create any relationship between the
parties other than the independent contractor relationship of buyer and seller of services nor be deemed to vest any rights, interests or claims in any third parties. 
 5.14 Set Off. Payments required to be made to Ziegler by the REIT and/or the Operating Partnership of any amounts due or to become due hereunder shall not be subject to reduction or setoff for any
liability of any nature of Ziegler to the REIT and/or the Operating Partnership. 
 (Signature Page Follows) 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Shared Services Agreement as of the date
first above written. 
  

			
	PHYSICIANS REALTY TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PHYSICIANS REALTY L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	B.C. ZIEGLER AND COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 13

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