Document:

EX-10.8

 Exhibit 10.8 

FORM OF RESTRICTED STOCK AWARD CERTIFICATE 

Non-transferable 

GRANT TO 
  

 

(“Grantee”) 
 by J.P.
Morgan Real Estate Income Trust, Inc. (the “Company”) of 

             shares of its Class E common stock, $0.01 par value
(the “Shares”). 
 The Shares are granted pursuant to and subject to the provisions of the J.P. Morgan Real Estate Income Trust, Inc. Independent
Director Restricted Stock 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	 
	 [Insert first anniversary of grant date or, in the case of the initial restricted stock grant,
XXXXX]
	  	 	100	% 

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

			
	J.P. Morgan 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 J.P. Morgan 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 J.P. Morgan 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). For the avoidance of doubt, Grantee shall be automatically enrolled in the Company’s dividend reinvestment plan (the
“DRIP”) with respect to any dividends on the Restricted Shares during the Restricted Period, subject to the Grantee’s DRIP election attached hereto as Exhibit B, and any such dividends shall remain subject to the restrictions
described in these Terms and Conditions. 

  
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 6. No Right of Continued Service. Nothing in this Award Certificate shall interfere with or limit in
any way the right of the stockholders of the Company to terminate Grantee’s service as an Independent Director at any time, nor confer upon Grantee any right to continue providing services as an Independent Director 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 timely submit to the Company the election form attached hereto as Exhibit A by the deadline imposed by the Company, and the Company shall file the 83(b) Election
form with the Internal Revenue Service within 30 days after the Grant Date and otherwise in accordance with applicable Treasury Regulations. GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S OR ANY
AFFILIATE’S TO TIMELY FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE, EVEN IF GRANTEE REQUESTS THE COMPANY, AN AFFILIATE OR THEIR REPRESENTATIVE TO MAKE THE FILING ON GRANTEE’S BEHALF. 

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.

 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 J.P. Morgan Real Estate Income Trust, Inc., 277 Park Avenue, 9th Floor, New York, New York 10172; 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.

  
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 EXHIBIT A 

ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income for the
current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below: 
  

	1.	 The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

  

							
	        	 	Taxpayer’s Name:	 	
                    

	 	        

							
	        	 	Taxpayer’s Address:	 	
                    

	 	        

							
	        	 	Taxpayer’s Social Security Number:	 	
                    

	 	        

							
	        	 	Taxable Year:	 	
                    

	 	        

  

	2.	 The property with respect to which the election is made is described as follows: Restricted shares of
Class E common stock (“Restricted Shares”) of J.P. Morgan Real Estate Income Trust, Inc. (the “Company”). 

  

	3.	 The date on which the property was transferred is: ____________. 

 

	4.	 The property is subject to the following restrictions: 

The Restricted Shares may not be transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and the
Company. These restrictions lapse upon the satisfaction of certain conditions contained in such agreement. 
  

	5.	 The fair market value of the property at the time of transfer (determined without regard to any restriction
other than restrictions which by their terms will never lapse) was: ____________. 

  

	6.	 The amount (if any) the taxpayer paid for such property was: $0. 

 

	7.	 The amount to include in gross income of the taxpayer is: ______. 

The undersigned has submitted a copy of this statement to the Company, which is the entity for which the services were performed in connection with the
undersigned’s receipt of the above-described property. The taxpayer is the person performing the services in connection with the transfer of said property. 

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 

 

					
	Dated:                                     
                   	 		 	  

		 		 	[Taxpayer]

  
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 EXHIBIT B 

DIVIDEND REINVESTMENT PLAN ELECTION 

YOU ARE AUTOMATICALLY ENROLLED IN THE DIVIDEND REINVESTMENT PLAN UNLESS YOU ARE A RESIDENT OF ALABAMA, ARKANSAS, IDAHO, KANSAS, KENTUCKY, MAINE,
MARYLAND, MASSACHUSETTS, NEBRASKA, NEW JERSEY, NORTH CAROLINA, OHIO, OREGON, VERMONT OR WASHINGTON. 
 ☐ If you are a resident of Alabama,
Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont or Washington, you are not automatically enrolled in the dividend reinvestment plan; please check here if you wish
to enroll in the dividend reinvestment plan. 
 ☐ If you are not a resident of any of the states listed above, you are automatically enrolled in
the dividend reinvestment plan; please check here if you do not wish to be enrolled in the dividend reinvestment plan. 

  
 5EX-10.9

 Exhibit 10.9 

J.P. MORGAN REAL ESTATE INCOME TRUST, INC. 

INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On June 1, 2022, the Board of
Directors (the “Board”) of J.P. Morgan Real Estate Income Trust, Inc. (the “Company”) adopted this J.P. Morgan Real Estate Income Trust, Inc. Independent Director Compensation Policy (the “Policy”), to be effective as
June 1, 2022. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the J.P. Morgan Real Estate Income Trust, Inc. Independent Director Restricted Stock 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 Retainer:
	  	$	75,000	 
	 Audit Committee Chair Annual Retainer:
	  	$	10,000	 

 Stock Ownership Policy 

Each Independent Director shall be required to own Shares in an amount equal to 2.5 times his or her annual cash retainer within five years of becoming a
member of the Board. 
 Payment Timing and Form 

Audit Committee Chair Annual Retainer. The Audit Committee Chair Annual Retainer shall be paid quarterly in cash in arrears, taking into account any
required proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates. 
 Annual
Retainer. Fifty thousand dollars ($50,000) of the Annual Retainer shall be paid quarterly in cash (or, if so elected by the Independent Director as provided below, some or all of which may be paid in Shares) in arrears, taking into account any
required proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates (the “Unrestricted Annual Retainer”), and twenty-five thousand dollars ($25,000) of the Annual Retainer
shall be paid in the form of restricted Shares (“Restricted Stock”). 
 Annual Retainer Payment Election to Receive Additional Shares 

 

	 	•	 	 At the election of each Independent Director, the Unrestricted Annual Retainer for a given year (the “Plan
Year”) may be payable all or in part by a grant on the same day that the Unrestricted Annual Retainer, if payable in cash, would be paid (the “Annual Retainer Stock Grant Date”) of a number of fully vested Shares determined by
(A) dividing the amount of the Unrestricted Annual Retainer for which the Independent Director has elected to receive Shares, by the NAV per Share for the month immediately preceding the month in which the Annual Retainer Stock Grant Date
occurs, and (B) rounding to the nearest whole number. 

	 	•	 	 If an Independent Director desires to elect to receive some or all of his or her Unrestricted Annual Retainer in
Shares, the Independent Director shall deliver a valid Election Form (substantially in the form attached hereto as Exhibit A) to the Secretary of the Company prior to the beginning of a Plan Year, which will be effective as of the first day
of the Plan Year beginning after the Secretary receives the Independent Director’s Election Form. The Election Form will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, the Independent
Director may change his or her election for future Plan Years by executing and delivering a new Election Form. If an Independent Director fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form
in effect during the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Unrestricted Annual Retainer shall be paid in cash. 

Terms and Conditions of Restricted Stock 
  

	 	•	 	 Restricted Stock shall be granted subject to the terms and conditions of the Plan. 

 

	 	•	 	 The Restricted Stock shall be granted on the first business day following the Company’s annual meeting of
stockholders (the “Annual Meeting”) (or, if the person becomes an Independent Director after the Annual Meeting of a given year, the first business day following the effective date on which the person becomes an Independent Director) (in
either case, a “Restricted Stock Grant Date”). The number of shares of Restricted Stock granted shall be determined by (A) dividing twenty-five thousand dollars ($25,000), taking into account any required proration as described below,
by the NAV per Share for the month immediately preceding the month in which the Restricted Stock Grant Date occurs, and (B) rounding to the nearest whole number. 

 

	 	•	 	 If an Independent Director becomes an Independent Director after the Annual Meeting of a given year, then his or
her Compensation shall be prorated based on the number of calendar quarters remaining for the Independent Director to serve on the Board during the twelve-month period following the date of the most recently held Annual Meeting.

  

	 	•	 	 Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to this Policy shall vest
and become non-forfeitable on the one-year anniversary of the Restricted Stock Grant Date, provided that the Independent Director is providing services to the Company as
a director on 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. 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. 

  

	 	•	 	 Notwithstanding anything in this Policy to the contrary, each Independent Director in service on the effective
date of the Company’s initial public offering (the “IPO Date”) shall receive an initial grant of Restricted Stock on the IPO Date, to be determined by (A) dividing twenty-five thousand dollars ($25,000) by the most recently
determined NAV per Share of the Company’s Class E common stock on the commencement date of the IPO, and (B) rounding to the nearest whole number. Such shares of Restricted Stock shall vest one year after grant, provided that the
Independent Director is providing services to the Company as a director on such vesting date. 

 Exhibit A 

Election as to Form of Payment of Unrestricted Annual Retainer 

Capitalized terms used herein and not otherwise defined have the meanings assigned such terms in the J.P. Morgan Real Estate Income Trust,
Inc. Independent Director Compensation Policy (the “Policy”). 
 This constitutes my irrevocable written election under the Policy
with respect to $50,000 of my Annual Retainer (the “Unrestricted Annual Retainer”) to be earned for the Plan Year beginning __________ and concluding on _______ (the “20__ Plan Year”). I acknowledge that this Election Form is
irrevocable for the 20__ Plan Year. However, prior to the commencement of any subsequent Plan Year, I may change my election for future Plan Years by executing and delivering a new Election Form indicating different choices. If I fail to deliver a
new Election Form prior to the commencement of any subsequent Plan Year, I acknowledge and intend that this Election Form continue in effect during any subsequent Plan Year until I file a new Election Form. 

UNRESTRICTED ANNUAL RETAINER 
 please check one, as
applicable: 
  

	☐	 I hereby elect to receive _____% of my Unrestricted Annual Retainer in the form of cash payments made quarterly
in arrears during the applicable Plan Year. 

  

	☐	 I hereby elect to receive _____% of my Unrestricted Annual Retainer in the form of shares of the Company’s
common stock, to be granted on the same day that the Annual Retainer would be paid. 

  

	
	Executed this _____ day of _________, 20__.
	
	  

	(Name)

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