Document:

EX-10.4

 Exhibit 10.4 

Summary of Non-Employee Director Compensation 

On July 26, 2013, the Board of Directors (the “Board”) of Blackstone Mortgage Trust, Inc. (the “Company”) adopted a
revised compensation arrangement for each non-employee director effective as of October 1, 2013. The compensation arrangement provides for (i) an annual cash retainer of $50,000, payable in quarterly installments, and (ii) a $75,000
annual award of the Company’s deferred stock units, payable in quarterly installments, with the number of units equal to the quarterly fee divided by the average closing price of the Company’s class A common stock for the Company’s
fiscal quarter preceding the date of the grant and subject to the terms of the Blackstone Mortgage Trust, Inc. 2013 Stock Incentive Plan. Additional deferred stock units equal to the amount of class A common stock that could be purchased with any
dividends that are paid on the underlying class A common stock will be added to the deferred stock units that are awarded. The award will be vested in full as of the date of grant and settled upon the non-employee director’s “separation
from service” (as defined in Treas. Reg. 1.409A-1(h)) with the Company by delivering to the non-employee director one share of class A common stock for each deferred stock unit settled. Additionally, the chairperson of the audit committee of
the Board will continue to receive a $12,000 annual cash retainer, payable in quarterly installments in advance. 
 The Company reimburses
directors for actual expenses incurred in the performance of their service as directors, including travel expenses incurred in attending Board and committee meetings.EX-10.5

 Exhibit 10.5 

RESTRICTED STOCK AWARD AGREEMENT 

(2013 Stock Incentive Plan) 
 THIS
RESTRICTED STOCK AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page (the “Signature Page”) attached hereto (the “Date of Grant”), between Blackstone
Mortgage Trust, Inc., a Maryland corporation (the “Company”) and the participant identified on the Signature Page attached hereto (the “Participant”). 

R E C I T A L S: 

WHEREAS, the Company has adopted the Blackstone Mortgage Trust, Inc. 2013 Stock Incentive Plan (the “Plan”), the terms of
which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and 

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

(a) Vesting Schedule. The Award shall initially be unvested and shall vest in accordance with the following vesting schedule: 

(i) Provided that the Participant has not undergone a Termination, the Award shall vest in substantially equal quarterly
installments over the three (3) year period following the Date of Grant, with the sole exception of the first installment which shall vest simultaneously with the second installment at the close of the second quarter; provided that if
the shares of Restricted Stock are not evenly divisible, then no fractional shares shall vest and the installments shall be as equal as possible with any smaller installments vesting first; and 

(ii) Provided that the Participant has not undergone a Termination prior to a Change in Control, any portion of the Award that
has not vested in accordance with clause (i) above shall vest in full as of the date of such Change in Control. 

 (b) Termination. If the Participant undergoes a Termination, the Award (or any portion
thereof), to the extent not then vested or previously forfeited, shall immediately be forfeited without any further action by the Company or the Participant, and without any payment of consideration therefor; provided, however, that:

 (i) Upon the occurrence of a Qualifying Event on account of the death or Disability of the Participant, 100% of the Award
shall vest (to the extent not previously vested) upon the date of such event; and 
 (ii) Upon the occurrence of a Qualifying
Event on account of the Retirement of the Participant, (A) 50% of the then unvested shares of Restricted Stock subject to the Award shall vest upon the date of such event, and (B) all other unvested shares of Restricted Stock shall
immediately be forfeited without any further action by the Company or the Participant, and without any payment of consideration therefor. 

(c) For purposes hereof: 

(i) “Qualifying Event” shall mean a Termination as a result of the Participant’s death, Disability or
Retirement. 
 (ii) “Retirement” shall mean the voluntary Termination of a Participant after (i) such
Participant has reached age 65 and has at least five full years of service with the Company and its Affiliates (including Manager and its Affiliates) or (ii) (x) the Participant’s age plus years of service with the Company and its
Affiliates totals at least 65, (y) the Participant has reached age 55, and (z) the Participant has had a minimum of five years of service. 

3. Book Entry; Certificates. The Company shall recognize the Participant’s ownership through uncertificated book entry. If elected
by the Company, certificates evidencing the Common Stock granted hereunder may be issued by the Company and any such certificates shall be registered in the Participant’s name on the stock transfer books of the Company promptly after the date
hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the later of (x) the vesting of the Award pursuant to this Agreement and (y) the expiration of any transfer restrictions set forth in
this Agreement or otherwise applicable to the Common Stock subject to the Award. As soon as practicable following such time, any certificates for the Common Stock subject to the Award shall be issued to the Participant or to the Participant’s
legal guardian or representative along with the stock powers relating thereto. No certificates shall be issued for fractional shares. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in
blank, relating to any portion of the Award that has not previously vested. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates (if any) to the Participant, any loss by the
Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 
 4.
Rights as a Stockholder. The Participant shall be the record owner of the shares of Restricted Stock until or unless such shares are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a
common stockholder of the Company, including, without limitation, voting rights and rights to dividends with respect to shares of Restricted Stock; provided that shares of Restricted Stock shall be subject to the limitations on transfer and
encumbrance set forth in Section 7. 

  
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 5. Restrictions. Any Common Stock issued to the Participant pursuant to the Award shall be
subject to such stop transfer orders and other restrictions as the Committee (or its designee) may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon
which such Common Stock are listed and any applicable U.S. or non-U.S. federal, state or local laws, and the Committee (or its designee) may cause a notation or notations to be entered into the books and records of the Company to make appropriate
reference to such restrictions. 
 6. No Right to Continued Employment or Service. Neither the Plan nor this Agreement nor the
granting of the Award hereunder shall impose any obligation on the Company or any Affiliate to continue the employment or engagement of the Participant. Further, the Company or any Affiliate (as applicable) may at any time terminate the Participant,
free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 
 7.
Transferability. 
 (a) Shares of Restricted Stock may not, at any time prior to becoming vested pursuant to the terms of this
Agreement, be Transferred and any such purported Transfer shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance. 
 (b) “Transfer” shall mean (in either the noun or the verb form, including with respect to
the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or
indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein. 
 8. Securities Laws;
Cooperation. Upon the vesting of the Award (or any portion thereof), the Participant will make or enter into such written representations, warranties and agreements as the Committee may request in order to comply with applicable securities laws,
the Plan or with this Agreement. 
 9. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care
of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may
hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 10.
Choice of Law. This Grant shall be governed by and construed in accordance with the laws of the state of Maryland without regard to conflicts of laws. 

11. Restricted Stock Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan. Shares of Restricted Stock granted hereunder is subject to the Plan. The terms and provisions of 

  
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the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of
the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 12. Signature in Counterparts. This Agreement
may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

[Signatures on next page.] 

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

			
	Participant
		
		 	  

	 Name:
	 	
	
	Blackstone Mortgage Trust, Inc.
		
		 	  

	 Name:
	 	
	 Title:
	 	
		
	 Dated:
	 	

  

			
	 Number of Shares of Restricted Stock
	  	[•]

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