Document:

EX-10.4

 Exhibit 10.4 

F O R M  O F  R E S T R I C T E D  S T O C K  A W A R D  C E R T I F I C A T E 

Non-transferable 
 G R A N
T  T O 
  
  

(“Grantee”) 
 by FS
Credit Real Estate Income Trust, Inc. (the “Company”) of 

             shares of its Class I common stock, $0.01 par value (the
“Shares”). 
 The Shares are granted pursuant to and subject to the provisions of the FS Credit Real Estate Income Trust, Inc. Independent
Director Restricted Share Plan (the “Plan”) and to the terms and conditions set forth on the following pages (the “Terms and Conditions”). By accepting the Shares, Grantee shall be deemed to have agreed to the Terms and
Conditions set forth in this Award Certificate and the Plan. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan. 

Unless vesting is accelerated in accordance with Section 2 of the Terms and Conditions, the Shares shall vest (become non-forfeitable) in accordance with
the following schedule, subject to Grantee’s Continuous Service on each vesting date. 
  

			
	Vesting Date	  	Percent of Shares Vesting
		  	
		  	
		  	

 IN WITNESS WHEREOF, FS Credit Real Estate Income Trust, Inc., acting by and through its duly authorized officers, has caused
this Award Certificate to be duly executed. 
  

	
	FS CREDIT REAL ESTATE INCOME TRUST, INC.
	
	   

	By:
	Its:
	
	Grant Date:

 TERMS AND CONDITIONS 

1. Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject
to the restrictions imposed hereunder which restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered to or in favor of any party, or be
subjected to any lien, obligation or liability of Grantee to any other party. If Grantee’s Continuous Service with the Company terminates for any reason other than as set forth in subsection (b) of Section 2 hereof, then Grantee shall
forfeit all of Grantee’s right, title and interest in and to the Restricted Shares as of the date of termination, and such Restricted Shares shall revert to the Company immediately following the event of forfeiture. The restrictions imposed
under this Section 1 shall apply to all Shares or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate
structure affecting the Shares. 
 2. Expiration and Termination of Restrictions. The restrictions imposed under Section 1 will expire on the
earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”): 
  

	(a)	as to the number of the Restricted Shares specified on the cover page hereof, on the respective dates specified on such cover page, subject to Grantee’s Continuous Service on each vesting date; 

 

	(b)	as to all of the Restricted Shares, upon termination of Grantee’s Continuous Service by the Company by reason of Grantee’s death or Disability; or 

 

	(c)	as to all of the Restricted Shares, upon the occurrence of a Change in Control. 

 3. Delivery of Shares.
The Shares will be registered in the name of Grantee as of the Grant Date and may be held by the Company during the Restricted Period in certificated or uncertificated form. Any certificate for the Restricted Shares issued during the Restricted
Period shall bear a legend in substantially the following form (in addition to any legend required under applicable state securities laws): “This certificate and the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture and restrictions against transfer) contained in a Restricted Stock Award Certificate between the registered owner of the shares represented hereby and FS Credit Real Estate Income Trust, Inc. Release from such terms and
conditions shall be made only in accordance with the provisions of such Certificate, copies of which are on file in the offices of FS Credit Real Estate Income Trust, Inc.” Stock certificates for the Shares, without the first above legend,
shall be delivered to Grantee or Grantee’s designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply, if
deemed advisable by the Company, with registration requirements under the 1933 Act, listing requirements under the rules of any securities exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the
Shares. 
 4. Voting Rights. Grantee, as beneficial owner of the Shares, shall have full voting rights with respect to the Shares during and after
the Restricted Period. 
 5. Dividend Rights. Grantee shall accrue cash and non-cash dividends, if any, paid with respect to the Restricted Shares,
but the payment of such dividends shall be deferred and held (without interest) by the Company for the account of Grantee until the expiration of the Restricted Period. During the Restricted Period, such dividends shall be subject to the same
vesting restrictions imposed under Section 2 as the Restricted Shares to which they relate. Accrued dividends deferred and held pursuant to the foregoing provision shall be paid by the Company to the Grantee promptly upon the expiration of the
Restricted Period (and in any event within thirty (30) days of the date of such expiration). 
 6. No Right of Continued Service. Nothing in
this Award Certificate shall interfere with or limit in any way the right of the Company to terminate Grantee’s service at any time, nor confer upon Grantee any right to continue providing services to the Company. 

7. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the
Code (an “83(b) Election”). To effect such 83(b) Election, Grantee may file an appropriate election with Internal Revenue Service within 30 days after the Grant Date and otherwise in accordance with applicable Treasury Regulations.

 8. Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Award Certificate and this Award Certificate shall
be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Award Certificate, the provisions of the Plan shall be controlling and
determinative. 

  
 2 

 9. Successors. This Award Certificate shall be binding upon any successor of the Company, in accordance
with the terms of this Award Certificate and the Plan. 
 10. Severability. If any one or more of the provisions contained in this Award Certificate
are invalid, illegal or unenforceable, the other provisions of this Award Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included. 

11. Notice. Notices hereunder must be in writing, delivered personally or sent by registered or certified U.S. mail, return receipt requested, postage
prepaid. Notices to the Company must be addressed to FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, PA 19112; Attn: Corporate Secretary, or any other address designated by the Company in a written notice to Grantee.
Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company. 

  
 3EX-10.5

 Exhibit 10.5 

FS CREDIT REAL ESTATE INCOME TRUST, INC. 

FORM OF INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On
            , 2017, the Board of Directors (the “Board”) of FS Credit Real Estate Income Trust, Inc. (the “Company”) adopted this Independent Director Compensation
Policy, to be effective             , 2017. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the FS Credit Real Estate Income Trust,
Inc. Independent Director Restricted Share Plan (the “Plan”). 
 Eligibility 

This policy shall apply to directors of the Company who meet the requirements set forth for an “independent director” in the Company’s Charter.

 Compensation 
 The following shall remain in effect
until changed by the Board (collectively, the “Compensation”): 
  

																					
	 	 	  	Annual Committee
Chair Retainer	 
	 Net Asset Value
	  	Annual
Retainer
($)	 	  	Board
Meeting Fees*
($)	 	  	Committee
Meeting Fees*
($)	 	  	Audit
($)	 	  	Nominating &
Corporate
Governance
($)	 
	 $0 to $250 million
	  	 	10,000	 	  	 	2,000	 	  	 	1,000	 	  	 	5,000	 	  	 	2,500	 
	 $250 million to $500 million
	  	 	25,000	 	  	 	2,000	 	  	 	1,000	 	  	 	7,500	 	  	 	3,750	 
	 > $500 million
	  	 	55,000	 	  	 	2,000	 	  	 	1,000	 	  	 	10,000	 	  	 	5,000	 

  

	*	In person or telephonic. 

 Payment Timing and Form 

Prior to Achievement of NAV Threshold 
 Until the Company
achieves a net asset value of $250 million (the “NAV Threshold”), one hundred percent (100%) of the applicable Compensation shall be paid in the form of restricted shares of the Company’s Class I common stock (“Class I
Restricted Stock”). 
 Following Achievement of NAV Threshold 

Effective for the first calendar quarter immediately following the date that the Company achieves the NAV Threshold, seventy-five percent (75%) of the
applicable Compensation shall be paid in cash in arrears, as soon as possible following the end of the calendar quarter to which the Compensation relates, and twenty-five percent (25%) shall be paid in the form of Class I Restricted Stock. 

 Terms and Conditions of Class I Restricted Stock

 

	 	•	 	Class I Restricted Stock shall be granted under, and subject to the terms and conditions of, the Plan, and the award certificate evidencing such grant. 

 

	 	•	 	The Class I Restricted Stock shall be granted on the third (3rd) business day following the last day of the calendar quarter to which the Compensation relates
(each, a “Grant Date”). The number of shares of Class I Restricted Stock granted shall be determined by (A) dividing one hundred percent (100%) or twenty-five percent (25%), as applicable, of the quarterly Compensation due by the
per share NAV of the Company’s Class I common stock, determined as of the last day of the applicable calendar quarter, and (B) rounding to the nearest whole number. 

 

	 	•	 	Unless and until provided otherwise by the Board, the Class I Restricted Stock granted pursuant to this Policy shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, provided that the
Independent Director is providing services to the Company as a director on each such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of:
(i) the termination of the Independent Director’s service as a director of the Company due to his or her death or Disability; or (ii) a Change in Control of the Company. If the Independent Director’s service as a director of
the Company terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of
such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

Proration 
  

	 	•	 	If an Independent Director is newly appointed or elected to the Board at the Annual Meeting of Shareholders (“Annual Meeting”), then his or her Compensation shall be prorated to reflect his or her full
calendar months of service (e.g. if the Annual Meeting is in May, then the first quarterly payment will be with respect to service during June of such quarterly service period). 

 

	 	•	 	If an Independent Director is newly appointed or elected to the Board at any time other than at an Annual Meeting, then his or her first quarterly payment will be prorated to reflect the number of full calendar months
of service between the effective date of the Independent Director’s appointment or election through the last day of the respective quarterly calendar period (e.g. if an Independent Director is appointed to the Board on January 15, then his
or her first quarterly payment will be with respect to service during February and March of such quarterly calendar period). 

  

	 	•	 	If an Independent Director is not newly appointed or re-elected at the Annual Meeting, then he or she will not receive payment for services during the month of such Annual Meeting. 

 

	 	•	 	If the Company crosses between net asset values levels for purposes of determining the amount of Compensation payable to an Independent Director during a calendar quarter, then the amount of Compensation due shall be
prorated based on the number of days elapsed in each level of net asset value. 

  
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