Document:

EX-10.11

 Exhibit 10.11 
 CIRRUS LOGIC, INC. 
 2007 MANAGEMENT AND KEY INDIVIDUAL CONTRIBUTOR
INCENTIVE PLAN 
 Effective September 30, 2007 

(as amended on February 15, 2008, and May 28, 2013) 

 

	1.	Purpose. 

 The
purposes of the Cirrus Logic, Inc. Management and Key Individual Contributor Incentive Plan (the “Incentive Plan”) are to (1) provide Participants with incentives to improve the Company’s financial performance through the
achievement of semi-annual goals relating to the Company’s Operating Profit Margin, Revenue Growth, or other performance criteria and (2) attract, retain, motivate and reward the Company’s management team and key individual
contributors. 
  

	2.	Definitions. 

 As
used herein, the following definitions shall apply: 
  

	 	(A)	“162(m) Award” means a conditional right to receive periodic cash incentive compensation intended to be “performance-based compensation” for
purposes of Section 162(m) of the Code which is granted under the Incentive Plan to an Employee designated by the Committee as likely to be a Covered Employee. 

 

	 	(B)	“Base Salary” means an Employee’s annual rate of base salary, exclusive of bonuses, incentive pay, commissions, and all other forms of
compensation. Base Salary for a given Plan Cycle shall be calculated based on Participants’ Base Salary in effect on the last day of a Plan Cycle. 

  

	 	(C)	“Board” means the Board of Directors of Cirrus Logic, Inc. 

 

	 	(D)	“Change in Control” means (i) the sale, lease, conveyance or other disposition of all or substantially all of the Company’s assets as an
entirety or substantially as an entirety to any person, entity or group or persons acting in concert; (ii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becoming the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or
(iii) consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the voting power represented by the voting securities of the Company or such surviving entity (or parent)
outstanding immediately after such merger or consolidation. 

	 	(E)	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	(F)	“Committee” means the Compensation Committee of the Board. 

 

	 	(G)	“Company” means Cirrus Logic, Inc. and its wholly owned subsidiaries and affiliates, and each of their respective successors. 

 

	 	(H)	“Continuously Employed” means the Employee’s continuous and uninterrupted full-time employment with the Company. 

 

	 	(I)	“Covered Employee” means an Employee who is a “Covered Employee” as specified in Section 7(H). 

 

	 	(J)	“Disability” means total and permanent disability as defined in accordance with the Company’s Long-Term Disability Plan. 

 

	 	(K)	“Effective Date” means September 30, 2007. 

  

	 	(L)	“Eligible Participant” means any Employee who is in a management or leadership position in the Company or who is a key individual contributor whose
efforts potentially have a material impact on the Company’s performance. 

  

	 	(M)	“Employee” means a natural person who is employed by the Company and who is treated as an employee by the Company for tax purposes.

  

	 	(N)	“Incentive Plan Pay-Out Percentage” means the multiplier derived from the formula set forth by the Committee before a Plan Cycle for determining the
pay-out percentage based on the Company’s Operating Profit Margin and Revenue Growth. The Committee shall review and update the Operating Profit Margin and Revenue Growth performance goals and the associated Incentive Plan Pay-Out Percentages
applicable to a Plan Cycle prior to the commencement of such Plan Cycle. 

  

	 	(O)	“Individual Incentive Payment” means the amount calculated for each Participant in Section 5 for each Plan Cycle and any 162(m) Award.

  

	 	(P)	“Individual Performance Multiplier” means a performance multiplier of between 0% and 120% to be determined based on a Participant’s achievement of
individual performance goals (“MBOs”) set for each Participant pursuant to Section 3(C). 

  

	 	(Q)	“Operating Profit Margin” will be measured as the Company’s consolidated GAAP operating income (revenue minus cost of goods sold (COGS) minus
research and development (R&D) minus selling, general and administrative (SG&A), excluding Incentive Plan and VCP accruals, if any, and any Non-Recurring Items) as a percentage of revenue. The Company’s GAAP operating income shall be
determined based on the Company’s financial results as approved by the Company’s Audit Committee and filed with the Securities and Exchange Commission on a Form 10Q or Form 10K. 

  
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	 	(R)	“Non-Recurring Items” include any unusual or infrequent accounting items included in GAAP operating profits such as: 

 

	 	(i)	gains on sales of assets not otherwise included in revenue; 

  

	 	(ii)	losses on sales of assets, restructuring charges, merger-related costs including amortization or impairment of acquisition-related intangible assets, asset write-offs,
write-downs, and impairments whether or not included in COGS, SG&A or R&D expenses; 

  

	 	(iii)	the events or occurences listed in Section 7(B); and 

  

	 	(iv)	except with respect to any 162(m) Award, such other items as the Committee may determine at its sole discretion. 

The Committee will determine, in its sole discretion, whether to include or exclude any or all of the above described Non-Recurring Items
as part of Operating Profit Margin. 
  

	 	(S)	“Participant” means any Eligible Participant designated by the Committee to participate in the Incentive Plan for a Plan Cycle.

  

	 	(T)	“Plan Administration Committee” means the Company’s Chief Executive Officer, Chief Financial Officer, and Vice President of Human Resources.

  

	 	(U)	“Plan Cycle” means a period on or after the Effective Date beginning on the first day of the Company’s first fiscal quarter and ending on the last
day of the Company’s second fiscal quarter, or the period beginning on the first day of the Company’s third fiscal quarter and ending on the last day of the Company’s fourth fiscal quarter. 

 

	 	(V)	“Revenue Growth” means the Company’s year-over-year revenue growth based on the Company’s GAAP revenue for a given Plan Cycle over the
Company’s GAAP revenue for the corresponding period from the prior fiscal year. The Company’s GAAP revenue shall be determined based on the Company’s financial results as approved by the Company’s Audit Committee and filed with
the Securities and Exchange Commission on a Form 10-Q or Form 10-K. For purposes of calculating Revenue Growth, the Committee shall exclude any non-recurring revenue as calculated by the Committee for purposes of determining the Operating Profit
Margin. To preserve the intended incentives and benefits of the Incentive Plan, the Committee may adjust the Revenue Growth calculation to reflect any material corporate transaction (such as a reorganization, combination, separation, merger,
acquisition, or any combination of the foregoing), or any complete or partial liquidation of the Company (or any material portion of the Company). 

  

	 	(W)	“Target Incentive Amount” means, for each Participant, the product of (i) the Participant’s Base Salary times (ii) the
Participant’s Target Incentive Factor. 

  
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	 	(X)	“Target Incentive Factor” means the applicable target award percentage for a Participant as set forth in Schedule A to this Incentive Plan.

  

	 	(Y)	“VCP” means the Company’s Variable Compensation Plan, or any similar plan intended to compensate Employees based on the Company’s financial
performance. 

  

	3.	Administration of the Incentive Plan. 

  

	 	(A)	Administration. The Incentive Plan shall be administered by the Committee. 

 

	 	(B)	Powers of the Committee. Subject to the provisions of the Incentive Plan and to the specific duties, if any, delegated by the Board, the Committee shall have the
authority, in its discretion, to construe and interpret the terms of the Incentive Plan, to designate the Participants in the Incentive Plan, and to make all other determinations deemed necessary or advisable for administering the Incentive Plan.
The Committee may delegate to the Plan Administration Committee the determination of the Participants in the Plan and the Target Incentive Amount for anyone other than Covered Employees and executive officers who are subject to the reporting
requirements of Section 16 of the Securities Exchange Act of 1934. 

  

	 	(C)	Individual Performance Multipliers. In determining an Individual Incentive Payment, the Committee may include an Individual Performance Multiplier for any
Participant that reflects a Participant’s achievement of MBOs during a Plan Cycle. If included, the Committee will set the MBOs for a Plan Cycle. For all Participants other than Covered Employees and executive officers who are subject to the
reporting requirements of Section 16 of the Securities Exchange Act of 1934, the Committee may delegate to the Plan Administration Committee the setting of MBOs for individual Participants. The specific MBOs must be established while the
performance relating to the MBOs remains substantially uncertain with respect to achievement of such MBOs during a Plan Cycle. MBOs may vary based on the Company’s strategic initiatives and the responsibilities of each Participant.

  

	 	(D)	Effect of Committee’s Decisions. The Committee’s decisions, determinations and interpretations shall be final and binding on all Participants.

  

	4.	Eligibility. 

Except as set forth in Sections 7 and 8 below, Participants must be Continuously Employed by the Company during a Plan Cycle to receive
an Individual Incentive Payment. Participants who become employed during a Plan Cycle and remain Continuously Employed by the Company from the date of their employment through the remainder of the Plan Cycle will receive a pro-rata Individual
Incentive Payment based upon the number of calendar days during a Plan Cycle that the Participant was an Employee. Subject to Section 7 below, a Participant’s Target Incentive Factor for a Plan Cycle will be based on the Target Incentive
Factor for the Participant determined as of the last day of the Plan Cycle. 

  
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	5.	Determination of Payments. 

 The Individual Incentive Payment to each Participant for each Plan Cycle shall be calculated by multiplying the Participant’s Target Incentive Amount by the Incentive Plan Pay-Out Percentage for that
Plan Cycle. At its discretion and to the extent consistent with Section 7 in regard to any Covered Employee, the Committee or Plan Administration Committee may further include an Individual Performance Multiplier in the determination of
Individual Incentive Payments during any Plan Cycle. In no event shall any Individual Incentive Payment exceed 250% of a Participant’s Target Incentive Amount and in no event will a Participant receive Individual Incentive Payments in any
fiscal year in excess of $2,000,000. 
  

	6.	Payout Schedule. 

  

	 	(A)	Payout Timing. Individual Incentive Payments shall be paid in a cash lump sum to each Participant as soon as is reasonably practicable after the public
disclosure of the Company’s financial results through the filing of a Form 10-Q or Form 10-K with the Securities and Exchange Commission for the relevant Plan Cycle; provided, however, that with respect to each Participant (or his or her
estate, as applicable) who, pursuant to Section 8(A) below, is eligible to receive an Individual Incentive Payment for a given Plan Cycle without being Continuously Employed on the date such Individual Incentive Payment is paid, then:

  

	 	(i)	With respect to an Individual Incentive Payment for a Plan Cycle composed of the Company’s first and second fiscal quarters, such Individual Incentive Payment
shall be paid on or before the 15th day of the third month following the later of (a) the last day of the calendar year in which such Participant died or incurred a Disability, or (b) the last day of the Company’s taxable year in
which such Participant died or incurred a Disability; and 

  

	 	(ii)	With respect to an Individual Incentive Payment for a Plan Cycle composed of the Company’s third and fourth fiscal quarters, such Individual Incentive Payment
shall be paid in the calendar year during which such Plan Cycle ends, but no later than on or before the 15th day of the third month following the later of (a) the last day of the calendar year in which such Participant died or incurred a
Disability, or (b) the last day of the Company’s taxable year in which such Participant died or incurred a Disability. 

  

	 	(B)	Continuous Status. Notwithstanding anything in the Incentive Plan to the contrary, except as provided in Section 8(A) below in the case of death or
Disability, a Participant must be Continuously Employed between the last day of a Plan Cycle and on the date the Individual Incentive Payment is paid in order to receive an Individual Incentive Payment for a given Plan Cycle. In the event a
Participant’s Continuous Employment with the Company terminates between the last day of a Plan Cycle and on the date the Individual Incentive Payment is paid for any reason other than death or Disability, any unpaid portion of the
Participant’s Individual Incentive Payment shall be forfeited. 

  
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	 	(C)	Withholding. Any amounts payable hereunder shall be subject to applicable tax and other payroll withholding in accordance with the Company’s policies and
programs and applicable law. 

  

	7.	Awards to Covered Employees. 

  

	 	(A)	Awards Granted to Designated Covered Employees. If the Committee determines that an award to be granted to an Employee who is designated by the Committee as
likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of Section 162(m) of the Code, such award shall be a 162(m) Award subject to the terms set forth in this Section 7, notwithstanding
any contrary term otherwise provided in this Incentive Plan; provided, however, that nothing in this Section 7 shall be interpreted as preventing the Committee from granting awards to Covered Employees that are not intended to constitute
“performance-based compensation” within the meaning of Section 162(m) of the Code. 162(m) Awards may be granted with respect to a Plan Cycle, a calendar or fiscal year, or any other performance period designated by the Committee.

  

	 	(B)	 Performance Goals Generally. The performance goals for 162(m) Awards shall consist of one or more business criteria or individual performance
criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 7(B). Performance goals shall be objective and shall otherwise meet the requirements of
Section 162(m) of the Code and regulations thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Committee result in the
achievement of performance goals being “substantially uncertain” at the time the Committee actually establishes the performance goal or goals. The Committee may determine that 162(m) Awards shall be granted and/or settled upon achievement
of any one performance goal or that two or more of the performance goals must be achieved as a condition to the payment of such 162(m) Awards. Performance goals may differ for 162(m) Awards granted to any one Participant or to different
Participants. In establishing or adjusting a performance goal, the Committee may exclude the impact of any of the following events or occurrences which the Committee determines should appropriately be excluded: (i) any amounts accrued by the
Company or its subsidiaries pursuant to management bonus plans or cash profit sharing plans and related employer payroll taxes for the fiscal year; (ii) any discretionary or matching contributions made to a savings and deferred profit-sharing
plan or deferred compensation plan for the fiscal year; (iii) asset write-downs; (iv) litigation, claims, judgments or settlements; (v) the effect of changes in tax law or other such laws or regulations affecting reported results;
(vi) accruals for reorganization and restructuring programs; (vii) any extraordinary, unusual or nonrecurring items as described in the Accounting Standards Codification Topic 225, as the same may be amended or superseded from time to
time; (viii) any change in accounting principle 

  
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as defined in the Accounting Standards Codification Topic 250, as the same may be amended or superseded from time to time; (ix) any loss from a discontinued operation as described in the
Accounting Standards Codification Topic 360, as the same may be amended or superseded from time to time; (x) goodwill impairment charges; (xi) operating results for any business acquired during a specified calendar year; (xii) third
party expenses associated with any acquisition by the Company or any subsidiary; (xiii) items that the Board has determined do not represent core operations of the Company, specifically including, but not limited to, interest expenses, taxes,
depreciation and amortization charges; (xiv) marked-to-market adjustments for financial instruments; (xv) impairment to assets; and (xvi) any other extraordinary events or occurrences identified by the Committee, including, but not
limited to, such items described in management’s discussion and analysis of financial condition and results of operations or the financial statements and notes thereto appearing in the Company’s annual report to shareholders for the
applicable year. 

  

	 	(C)	Business Criteria. One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries or business or
geographical units of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for 162(m) Awards: (i) stock price, (ii) earnings per
share (diluted or basic), (iii) operating income, (iv) return on equity or assets, (v) cash flow, (vi) earnings before interest, taxes, depreciation and amortization (“EBITDA”), (vii) adjusted EBITDA,
(viii) overall revenue or sales growth, (ix) expense reduction or management, (x) market share, (xi) total shareholder return, (xii) return on investment, (xiii) earnings before interest and taxes (“EBIT”),
(xiv) net income, (xv) return on net assets, (xvi) economic value added, (xvii) shareholder value added, (xviii) cash flow return on investment, (xix) net operating profit, (xx) net operating profit after tax,
(xxi) return on capital, (xxii) return on invested capital, (xxiii) achievement of savings from business improvement projects, (xxiv) capital project deliverables, (xxv) human resources management targets, including medical
cost reductions and time to hire, (xxvi) leverage ratios including debt to equity and debt to total capital; (xxvii) debt reduction; (xxviii) new or expanded market penetration; (xxix) satisfactory internal or external audits;
(xxx) revenues; (xxxi) Operating Profit Margin; (xxxii) Revenue Growth; and (xxxiii) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed
applicable by the Committee including, but not limited to, the Russell 2000 Index or a group of comparable companies. 

  

	 	(D)	Individual Performance Criteria. Payment of 162(m) Awards may also be contingent upon individual performance goals established by the Committee, including
individual business objectives and criteria specific to an individual’s position and responsibility with the Company or its subsidiaries. If required for compliance with Section 162(m) of the Code, such criteria shall be approved by the
stockholders of the Company. 

  
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	 	(E)	Time for Establishing Performance Goals. Performance goals applicable to 162(m) Awards shall be established not later than the earliest to occur of (i) 90
days after the beginning of the calendar year applicable to such 162(m) Awards, (ii) after 25% of the period of service (as scheduled in good faith at the time the goal is established) related to such 162(m) Award has elapsed, or (iii) at
such other date as may be required or permitted for “performance-based compensation” under Section 162(m) of the Code. 

  

	 	(F)	Payout of Awards. After the end of each applicable calendar year or Plan Cycle, the Committee shall determine the amount of any 162(m) Award payable to each
Participant. The Committee may, in its discretion, reduce the amount of a payment otherwise to be made in connection with a 162(m) Award, and/or adjust the amount of a payment otherwise to be made in connection therewith to reflect the events or
occurrences set forth in Section 7(B), but may not exercise discretion to increase any such amount in the case of any 162(m) Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. For
purposes of clarity, in the event that an adjustment made solely pursuant to Section 7(B) above results in the increase of a payment under a 162(m) Award that is intended to qualify as “performance-based compensation” under
Section 162(m) of the Code, the Committee will not be deemed to have made an impermissible increase to the amount payable pursuant to that 162(m) Award. In addition to the provisions of Section 8(A), the Committee may specify the
circumstances in which such a 162(m) Award shall be paid or forfeited in the event of termination of employment by an Employee prior to the end of the applicable calendar year or payment of such Award; provided, that, with respect to Awards intended
to constitute “performance-based compensation” within the meaning of Section 162(m) of the Code, the Committee shall not take any action in this regard that would cause any such 162(m) Award to fail to so qualify.

  

	 	(G)	Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of any 162(m) Award, and the achievement of
performance goals relating to and final payment of 162(m) Awards shall be made in writing in the case of any 162(m) Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee may not
delegate any responsibility relating to such 162(m) Awards. 

  

	 	(H)	 Status of Awards under Section 162(m) of the Code. It is the intent of the Company that 162(m) Awards granted to Employees who are
designated by the Committee as likely to be Covered Employees within the meaning of Section 162(m) of the Code and the regulations thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto) shall, if so
designated by the Committee, constitute “performance-based compensation” within the meaning of Section 162(m) of the Code and regulations thereunder. Accordingly, the terms of this Section 7, including the definitions of Covered
Employee and other terms used herein, shall be interpreted in a manner consistent with Section 162(m) of the Code and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given
Employee will be a Covered 

  
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Employee with respect to a calendar year that has not yet been completed, the term “Covered Employee” as used herein shall mean only an Employee designated by the Committee, at the time
of grant of an award, who is likely to be a “covered employee” (as defined in Section 162(m) of the Code, Treasury Regulation §1.162-27 and successor regulations thereto) with respect to that calendar year. If any provision of
this Incentive Plan as in effect on the date of adoption of any agreements relating to awards that are designated as intended to comply with Section 162(m) of the Code does not comply or is inconsistent with the requirements of
Section 162(m) of the Code or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 

 

	8.	Miscellaneous Provisions. 

  

	 	(A)	Death or Disability. In the event of a Participant’s death or Disability, the Participant or his or her estate (as applicable) will receive a pro rata
Individual Incentive Payment, based upon the Company’s performance during a Plan Cycle and the number of calendar days completed in the current Plan Cycle at the time of the death or Disability. 

 

	 	(B)	Unsecured Creditor. It is understood and agreed that the Company has only a contractual obligation to make payments of Individual Incentive Payments under this
Incentive Plan and that such payments are to be satisfied out of general corporate funds that are subject to the claims of the Company’s creditors. 

  

	 	(C)	Change in Control. In the event of a Change in Control, the Incentive Plan will be assumed or comparably replaced by the Company’s successor. If the
successor fails or refuses to assume or comparably replace the Incentive Plan, each Participant will receive a pro rata Individual Incentive Payment, based upon the number of calendar days completed in the current Plan Cycle multiplied by an
Incentive Plan Pay-Out Percentage of 100%. Any such payment shall be a lump sum cash payment made within ten (10) days of a Change in Control; provided, however, that with respect to each Participant (or his or her estate, as applicable) who,
pursuant to Section 8(A) above, is eligible to receive an Individual Incentive Payment for a given Plan Cycle without being Continuously Employed on the date such Individual Incentive Payment is paid, such Individual Incentive Payment shall be
paid on or before the 15th day of the third month following the later of (a) the last day of the calendar year in which such Participant died or incurred a Disability, or (b) the last day of the Company’s taxable year in which such
Participant died or incurred a Disability. 

  

	 	(D)	Reclassification. In the event that an Employee who is a Participant is reclassified or demoted to a position which would not then qualify such individual as a
Participant, the Employee will nevertheless remain eligible to participate in the current Plan Cycle, provided that he or she remains in Continuous Employment. The Employee shall be ineligible, however, to participate in any new Plan Cycle, unless
the Committee determines otherwise in its sole discretion. 

  
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	 	(E)	Section 409A of the Code. Each Individual Incentive Payment under this Incentive Plan is intended to be exempt from Section 409A of the Code pursuant
to the exception for short-term deferrals (within the meaning of the Treasury regulations issued under Section 409A of the Code), and the Incentive Plan shall be construed and interpreted in accordance with such intent to the maximum extent
permitted by law. 

  

	 	(F)	Right to Offset. To the extent permitted by law, the Company shall have the right to offset against its obligation to deliver amounts under any Individual
Incentive Payment any outstanding amounts of whatever nature that the Participant then owes to the Company. 

  

	9.	Limitations. 

Neither the Incentive Plan nor any Individual Incentive Payment shall confer upon a Participant any right with respect to continuing the
Participant’s employment relationship with the Company, nor shall it interfere in any way with the Participant’s right or the Company’s right to terminate such employment at any time, with or without cause. 

 

	10.	Amendment and Termination. 

 The Committee shall have the power to amend, suspend or terminate the Incentive Plan at any time, provided that no such amendment or termination shall adversely impair a Participant’s rights with
respect to any Plan Cycle that has already commenced. 
  

	11.	Governing Law. 

The Program shall be governed by the internal substantive laws, and not the choice of law rules, of the State of Delaware. 

 

	12.	No Right of Assignment. 

 No Participant shall have any right to assign, alienate, or otherwise transfer his or her rights, if any, under the Incentive Plan. Any purported assignment, alienation or transfer by a Participant of his
or her rights under the Incentive Plan shall be null and void ab initio and of no force or effect. 

  
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 Schedule A 
 TARGET INCENTIVE FACTORS FOR EACH PLAN CYCLE 
  

			
	Level	 	Target Incentive Factor
		
	CEO	 	50%
		
	Direct Reports to the CEO at the Vice
President Level and above	 	25%
		
	Other Management and Key
Individual Contributors*	 	5 – 25%

 * As determined by the Plan Administrative Committee.EX-4.1

 Exhibit 4.1 
 SECOND AMENDMENT TO RIGHTS AGREEMENT 
 This Second Amendment to Rights
Agreement, dated as of May 28, 2013 (this “Amendment”), is entered into by and between Blackstone Mortgage Trust, Inc. (formerly known as Capital Trust, Inc.), a Maryland corporation (the “Company”) and
American Stock Transfer and Trust Company, LLC, a New York limited liability company, as rights agent (the “Rights Agent”). This Amendment is an amendment to the Tax Preservation Rights Agreement, dated as of March 3, 2011 (as
amended by the First Amendment to Rights Agreement, the “Rights Agreement”) by and between the Company and the Rights Agent. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Rights
Agreement. 
  
 RECITALS 

WHEREAS, the Company expects to experience an “ownership change” within the meaning of Section 382 of the Code upon
consummation of the Company’s proposed public offering of shares of Common Stock registered under the Company’s Registration Statement on Form S-11 (File No. 333-187541) (the “Offering”); 

WHEREAS, the Board of Directors of the Company has determined that it is advisable and in the best interests of the Company and its
stockholders to enter into the Amendment prior to the closing of the Offering in order to shorten the time period prior to the Final Expiration Date to a time and date prior to the closing of the Offering; and 

WHEREAS, pursuant to Section 27 of the Rights Agreement, except as provided in the last sentence of Section 27 of the Rights
Agreement, at any time prior to the time any Person, together with its Affiliates and Associates, shall become an Acquiring Person, the Company may direct, and the Rights Agent shall, supplement or amend any provision of the Rights Agreement
(including to shorten or lengthen any time period under the Rights Agreement) as the Board of Directors may deem desirable. 

NOW THEREFORE, in consideration of the premises and mutual agreements set forth herein, the Company and the Rights Agent agree as
follows: 
 Amendment to Section 7(a) of the Rights Agreement. Section 7(a) of the Rights Agreement is hereby amended and
restated in its entirety as follows: 
 “(a) Subject to Section 7(e) hereof, the registered holder of
any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase and the
certificate on the reverse side thereof duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment of the aggregate Exercise Price for the total number of one one-thousandths of
a share of Preferred Stock (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercised, at or prior to the earliest of (i) the Close of Business on May 28, 2013 (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as provided in 

 
Section 23 hereof (the “Redemption Date”) or (iii) the time at which such Rights are exchanged as provided in Section 24 hereof (the “Exchange
Date”), (iv) the repeal of Section 382 of the Code or any successor statute if the Board determines that this Plan is no longer necessary for the preservation of Tax Benefits, (v) the beginning of a taxable year of the
Company with respect to which the Board determines that no Tax Benefits may be carried forward, or (vi) such time as the Board determines that a limitation on the use of the Tax Benefits under Section 382 of the Code would no longer be
material to the Company (the earliest of (i), through (vi) being herein referred to as the “Expiration Date”). The Board shall at least annually consider whether to make the determination provided by Section 7(a)(vi) in
light of all relevant factors, including, in particular, the amount and anticipated utilization of the Company’s Tax Benefits and the Company’s market capitalization. The Company shall promptly notify the Rights Agent in writing upon the
occurrence of any Expiration Date (other than the Final Expiration Date as to which the Rights Agent shall be deemed to have been given notice) and, if such notification is given orally, the Company shall confirm same in writing on or prior to the
Business Day next following. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes, prior to the Close of Business on May 28, 2013, that the Expiration Date has not occurred. Except as set
forth in Section 7(e) hereof and notwithstanding any other provision of this Agreement, any Person who prior to the Distribution Date becomes a record holder of shares of Common Stock of the Company is entitled to all of the rights of a
registered holder of a Right Certificate with respect to the Rights associated with such shares of Common Stock of the Company in accordance with the provisions of this Agreement, as of the date such Person becomes a record holder of shares of
Common Stock of the Company.” 
 Waiver of Notice(s). The Rights Agent and the Company hereby waive any notice requirement(s) under
the Rights Agreement pertaining to the matters covered by this Amendment. 
 Miscellaneous 

Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, then such term, provision, covenant or restriction shall be enforced to the maximum extent permissible, and the remainder of the terms, provisions, covenants and restrictions of this Amendment
shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 Governing Law. This
Amendment shall be governed by and construed in accordance with the internal laws of Maryland without regard to the principles of conflicts of laws; provided, however, that all provisions regarding the rights, obligations, duties and
immunities of the Rights Agent shall be governed by and construed in accordance with, the laws of the State of New York. The courts of the State of Maryland and of the United States of America located in the State of Maryland (the “Maryland
Courts”) shall have exclusive jurisdiction over any litigation arising out of or relating to this Agreement and the transactions contemplated hereby, and any Person commencing or otherwise involved in any such litigation shall waive any
objection to the laying of venue of such litigation in the Maryland Courts and shall not plead or claim in any 

 
Maryland Court that such litigation brought therein has been brought in an inconvenient forum. Notwithstanding the foregoing, the Company and the Rights Agent may mutually agree to a jurisdiction
other than Maryland for any litigation directly between the Company and the Rights Agent arising out of or relating to this Amendment. 
 Counterparts. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument. A signature to this Amendment transmitted electronically shall have the same authority, effect, and enforceability as an original signature. 

Descriptive Headings. Descriptive headings of the sections of this Amendment and the Rights Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof or thereof. 
 Entire
Agreement. This Amendment and the Rights Agreement, and all of the provisions hereof and thereof, shall be binding upon and inure to the benefit of the Company and the Rights Agent and their respective successors and permitted assigns and
executors, administrators and heirs. This Amendment, together with the Rights Agreement, sets forth the entire agreement and understanding between the parties hereto as to the subject matter hereof and thereof and merges with and supersedes all
prior discussions and understandings of any and every nature among them. Without limiting the foregoing, the Rights Agent shall not be subject to, nor required to interpret or comply with, or determine if any person has complied with, the Purchase
Agreement even though reference thereto may be made in this Amendment and the Rights Agreement. 
 Further Assurances.
The Company and the Rights Agent shall cooperate and take such action as may be reasonably requested by the other party in order to carry out the transactions and purposes of this Amendment, the Rights Agreement, and the transactions contemplated
hereunder and/or thereunder. 
  
  
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as an
instrument under seal and attested, all as of the day and year first above written. 
  

									
	ATTEST:	 		 	BLACKSTONE MORTGAGE TRUST, INC.
		 		 		 	
					
	By:	 	/s/ Geoffrey G. Jervis	 		 	By:	 	/s/ Stephen D. Plavin
	Name:	 	Geoffrey G. Jervis	 		 	Name:	 	Stephen D. Plavin
	Title:	 	Chief Financial Officer	 		 	Title:	 	Chief Executive Officer

  
 [Signature
Page to Second Amendment to Rights Agreement] 

									
	ATTEST:	 		 	AMERICAN STOCK TRANSFER & TRUST COMPANY LLC, as Rights Agent
		 		 		 	
					
	By:	 	/s/ Carlos Pinto	 		 	By:	 	/s/ Paula Caroppoli
	Name:	 	Carlos Pinto	 		 	Name:	 	Paula Caroppoli
	Title:	 	Senior Vice President	 		 	Title:	 	Senior Vice President

  
 [Signature
Page to Second Amendment to Rights Agreement]

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