Document:

EX-10.3

 Exhibit 10.3 

SUBSCRIPTION AGREEMENT 
  

	To:	 J.P. Morgan Real Estate Income Trust, Inc. 

277 Park Avenue 
 New York, NY
10172 
  

	 	Re:	 Subscription Agreement for the Purchase of Shares of Common Stock and/or OP Units (this
“Subscription Agreement”)  

 J.P. Morgan Investment Management Inc., a Delaware
corporation (“JPMIM”), as of the 23rd day of February, 2022, agrees to purchase a number of shares of Class E common stock, par value $0.01 per share (such shares to be purchased and any subsequent shares of common stock
of the Corporation (as defined below) received by JPMIM in connection with a conversion of Units (as defined below), collectively referred to herein as, the “Shares”), of J.P. Morgan Real Estate Income Trust, Inc., a Maryland
corporation (the “Corporation”), or Class E units representing limited partnership interests (such units to be purchased referred to herein as, the “Units” and, together with the Shares, referred to herein as,
the “Securities”) of J.P. Morgan REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), or a combination thereof, in an aggregate amount of $100 million, subject to
reduction to an amount not less than $25 million (the “Commitment”), pursuant to the terms and conditions of this Subscription Agreement. JPMIM also acts as the Corporation’s external investment adviser. 

JPMIM acknowledges that the Corporation will not register the issuance of the Securities under the Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws (the “State Acts”) in reliance upon exemptions from registration contained in the Securities Act and the State Acts, and that the Corporation relies upon these
exemptions, in part, because of JPMIM’s representations, warranties and agreements contained in this Subscription Agreement. 
 The
parties hereto represent, warrant and agree as follows: 
 1.    On or prior to the date (such date referred to as, the
“IPO Commencement Date”) on which the Corporation’s registration statement on Form S-11 (the “Registration Statement”) for its continuous public offering of shares of its
common stock (the “Public Offering”) is declared effective by the Securities and Exchange Commission (the “SEC”), JPMIM hereby agrees to purchase from time to time an aggregate of $100 million in Shares or
Units, or a combination thereof, subject to the following additional provisions: 
 a.    As of the date on which the
Corporation accepts capital commitments for the purchase of Securities from investors unaffiliated with JPMIM in an aggregate amount exceeding $100 million pursuant to binding subscription agreements (“Other Seed Investor
Commitments”), the Commitment may be reduced, in JPMIM’s discretion, by an amount equal to the following: (1) the aggregate amount of Other Seed Investor Commitments, minus (2) $100 million (the “Reduction
Amount”); provided, that the Reduction Amount shall not exceed $75 million. Nothing herein shall prohibit JPMIM, in its sole discretion, from electing to make a Capital Contribution in an amount exceeding the obligation set
forth herein if requested by the Corporation. 
 b.    The Corporation shall provide at least five (5) business
days prior notice (each, a “Contribution Notice”) when the Corporation requires a capital contribution from JPMIM pursuant to this Subscription Agreement (a “Capital Contribution”). The Contribution Notice shall
include the amount of the Capital Contribution (the “Capital Contribution Amount”) and the date by which such amount shall be paid to the Corporation (the “Contribution Date”). 

  
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 c.    JPMIM shall make all Capital Contributions pursuant to the terms
of this Subscription Agreement in U.S. dollars by wire transfer of immediately available funds on the applicable Contribution Date. 

d.    In exchange for each Capital Contribution pursuant to the terms of this Subscription Agreement, the Corporation
shall issue to JPMIM a number of Shares or Units, or a combination thereof, pursuant to JPMIM’s written instructions equal to the applicable Capital Contribution Amount divided by a per Share/Unit price equal to either (i) where the
Corporation has not yet purchased its first investment in real estate or real estate debt, a per Share/Unit price equal to $10.00 or (ii) after the date on which the Corporation purchases its first investment in real estate or real estate debt,
a per Share/Unit price equal to the most recently determined net asset value (“NAV”) of each Share/Unit immediately prior to the Contribution Date, as determined by JPMIM and consistent with the valuation procedures described in the
Registration Statement. 
 2.    JPMIM hereby represents and warrants to each of the Corporation and the Operating
Partnership as follows: 
 a.    JPMIM has carefully read this Subscription Agreement and, to the extent it believes
necessary, has discussed with its counsel the representations, warranties and agreements that it makes by signing this Subscription Agreement and acknowledges and agrees to all of the limitations set forth herein relating to the repurchase by the
Corporation or the Operating Partnership, as applicable, of such Securities. 
 b.    JPMIM is a legal entity duly
organized, validly existing and in good standing under the laws of the state, commonwealth or other jurisdiction wherein it was organized or established. JPMIM has all requisite power and authority to purchase the Securities, execute and deliver
this Subscription Agreement and to perform all of the obligations required to be performed by JPMIM hereunder, and such purchase and performance will not violate or contravene any law, rule or regulation binding on or applicable to JPMIM or any
investment guideline or restriction applicable to JPMIM. The person executing this Subscription Agreement on behalf of JPMIM is duly authorized to do so in the capacity in which such person is executing this Subscription Agreement. This Subscription
Agreement and any other documents executed and delivered by JPMIM in connection herewith have been duly authorized, executed, and delivered by JPMIM, and are the legal, valid, and binding obligations of JPMIM, enforceable against JPMIM in accordance
with their respective terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general application related to or affecting creditors’ rights
and by general equitable principles. 
 c.    JPMIM is purchasing the Securities for its own account, with the intention
of holding the Securities for investment and with no present intention of dividing or allowing others to participate in this investment or of reselling or otherwise participating, directly or indirectly, in a distribution of the Securities. JPMIM
will not make any sale, transfer or other disposition of the Securities without registration under the Securities Act and the State Acts unless an exemption from registration is available under the Securities Act and the State Acts. JPMIM
acknowledges that JPMIM and its affiliates have no right to require the Corporation, the Operating Partnership or any other party to seek such registration of the Securities. JPMIM acknowledges that the Corporation has no obligation to comply with
the conditions of Rule 144 promulgated under the Securities Act or to take any other action necessary in order to make available any exemption for the resale of the Securities without registration. JPMIM further acknowledges that (i) the Shares
will be subject to significant restrictions on transferability and ownership as set forth from time to time in the Corporation’s charter (the “Charter”) and (ii) the Units will be subject to significant restrictions on
transferability as set forth from time to time in the Operating Partnership’s limited partnership agreement (as amended from time to time, the “Operating Partnership Agreement”). 

  
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 d.    JPMIM is familiar with the business in which the Corporation is or
will be engaged, and based upon its knowledge and experience in financial and business matters, it is familiar with the investments of the type that it is agreeing to undertake in this Subscription Agreement; it is fully aware of the problems and
risks involved in making investments of this type; and it is capable of evaluating the merits and risks of such investments. 

e.    JPMIM is not relying on any communication (written or oral) of the Corporation, the Operating Partnership or any of
their respective affiliates as investment or tax advice or as a recommendation to purchase the Securities. JPMIM acknowledges that no U.S. federal or state or non-U.S. agency has passed upon the merits or
risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of an investment in the Securities. 

f.    JPMIM has such knowledge, skill and experience in business, financial and investment matters that JPMIM is capable
of evaluating the merits and risks of an investment in the Securities and making an informed investment decision with respect thereto. JPMIM has made an independent legal, tax, accounting and financial evaluation of the merits and risks of an
investment in the Securities. JPMIM is able to bear the substantial economic risks related to an investment in the Securities for an indefinite period of time, has no need for liquidity in such investment, and can afford a complete loss of such
investment. 
 g.    JPMIM is an “accredited investor” as defined in Regulation D under the Securities Act.
JPMIM agrees to furnish additional information reasonably requested by the Corporation to assure compliance with applicable securities laws, rules and regulations in connection with the purchase and sale of the Securities. 

h.    JPMIM acknowledges that neither the Corporation nor any other person offered to sell the Securities by means of, and
JPMIM is not investing in the Securities as a result of, any form of general solicitation or advertising, including but not limited to: (a) any advertisement, article, notice or other communication published in any newspaper, magazine or
similar media or broadcast over television or radio or (b) any seminar or meeting whose attendees were invited by any general solicitation or general advertising. 

i.    Except as otherwise disclosed to the Corporation, JPMIM hereby certifies that none of the disqualifying events or
conditions (each, a “Rule 506(d) Event”) described in Rule 506(d) under Regulation D promulgated under the Securities Act has occurred or is true as of the date hereof with respect to (a) JPMIM or (b) any beneficial owner
of JPMIM which indirectly holds 20% or more of the total outstanding shares of the Corporation. JPMIM shall promptly notify the Corporation, in the event that, after the date hereof, the foregoing sentence is no longer accurate. 

j.    JPMIM acknowledges that neither the Corporation nor the Operating Partnership will issue physical certificates for
the Securities. Instead, the Securities will be recorded on the books and records of the Corporation or the Corporation’s transfer agent or the books and records of the Operating Partnership, as applicable. 

k.    JPMIM acknowledges that the representations made by JPMIM herein shall be continuing and must be valid as of each
Contribution Date. If there is any material change to the facts or circumstances underlying the representations made by JPMIM herein such that the representations would become false, inaccurate or misleading, JPMIM agrees to promptly notify the
Corporation and the Operating Partnership of such material change. 

  
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 3.    The Corporation and the Operating Partnership hereby represent and
warrant to JPMIM as follows: 
 a.    The Corporation is a legal entity duly organized, validly existing and in good
standing under the laws of the state of Maryland. The Operating Partnership is a legal entity duly organized, validly existing and in good standing under the laws of the state of Delaware. Each of the Corporation and the Operating Partnership has
all requisite power and authority to execute and deliver this Subscription Agreement and to perform all of the obligations required to be performed by it hereunder, and such performance will not violate or contravene any law, rule or regulation
binding on or applicable to the Corporation or the Operating Partnership. The person executing this Subscription Agreement on behalf of each of the Corporation and the Operating Partnership is duly authorized to do so in the capacity in which such
person is executing this Subscription Agreement. This Subscription Agreement and any other documents executed and delivered by each of the Corporation and the Operating Partnership in connection herewith have been duly authorized, executed, and
delivered by the Corporation and the Operating Partnership, as applicable, and are the legal, valid, and binding obligations of the Corporation and the Operating Partnership, enforceable against the Corporation and the Operating Partnership, as
applicable, in accordance with their respective terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general application related to or
affecting creditors’ rights and by general equitable principles. 
 b.    Neither the offer and sale of the
Securities nor the execution and delivery by the Corporation or the Operating Partnership of, and the performance by the Corporation and the Operating Partnership of their respective obligations under, this Subscription Agreement will result in a
violation or default of, or the imposition of any lien upon any property or assets of the Corporation or the Operating Partnership or any of their respective subsidiaries pursuant to (a) any provision of applicable law, (b) their
respective organizational documents, (c) the organizational documents, each as amended, of any subsidiary of the Corporation or the Operating Partnership, (d) any agreement or other instrument binding upon the Corporation or the Operating
Partnership or any subsidiary of the Corporation or the Operating Partnership or (e) any order any governmental entity, agency or court having jurisdiction over the Corporation or the Operating Partnership or any subsidiary of the Corporation
or the Operating Partnership or any of their properties, except in the case of clauses (a), (c), (d) and (e) for any such violation, default or lien that would not, individually or in the aggregate, reasonably be expected to materially and
adversely affect the Corporation’s or the Operating Partnership’s business, financial condition or results of operations or the Corporation’s or the Operating Partnership’s ability to perform its obligations under this
Subscription Agreement. 
 c.    No consent, approval, authorization, order, registration, qualification or filing of or
with any governmental entity by the Corporation or the Operating Partnership is required in connection with the transactions contemplated herein, except such as may be required under the Securities Act or State Acts. No consent, approval, or
authorization of any other person is required to be obtained by the Corporation or the Operating Partnership in connection with the transactions contemplated herein, except for any such consent, approval or authorization that would not reasonably be
expected to materially and adversely affect the Corporation’s or the Operating Partnership’s business, financial condition or results of operations or the Corporation’s or the Operating Partnership’s ability to perform its
obligations under this Subscription Agreement. 

  
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 d.    The Securities to be issued pursuant to the terms of this
Subscription Agreement will, when issued, paid for and delivered, be duly and validly authorized, issued and delivered and shall be fully paid and non-assessable, and such Securities will be free and clear of
all taxes, liens (other than transfer restrictions imposed hereunder, under the Charter or the Operating Partnership Agreement or by applicable law), preemptive rights, subscription and similar rights. 

e.    As of the date hereof, there is no action, suit or proceeding before or by any court or governmental agency or body,
now pending, or, to the knowledge of the Corporation or the Operating Partnership, threatened against the Corporation or the Operating Partnership or any of their respective subsidiaries, which would have a material adverse effect on or would
materially and adversely affect the properties or assets of the Corporation or the Operating Partnership or which might materially and adversely affect the Corporation’s or the Operating Partnership’s ability to perform its obligations
under this Subscription Agreement. 
 f.    Each of the Corporation and the Operating Partnership acknowledge that the
representations made by it herein shall be continuing and must be valid as of each Contribution Date. 
 4.    The
Securities purchased by JPMIM described herein shall be subject to the following repurchase terms: 
 a.    Subject to
the terms and conditions set forth in this Section 4, following the end of each month after the earlier of (x) the date on which the Corporation’s NAV reaches $1.5 billion and (y) the third anniversary of the IPO
Commencement Date, the Corporation and/or the Operating Partnership shall automatically, and without any further action by the Corporation, JPMIM or any affiliate thereof, repurchase or redeem, as applicable, from JPMIM a number of Securities in an
amount equal to any remaining availability of repurchases under the Corporation’s share repurchase plan for public stockholders as described in the Registration Statement, as amended from time to time (the “Share Repurchase
Plan”), after fulfilling any third party stockholder requests with respect to such month pursuant thereto (any such repurchase or redemption, a “JPM Mandatory Repurchase”), until such time as the Corporation and Operating
Partnership have repurchased or redeemed, as applicable, all of the Securities owned by JPMIM. In addition, subject to the limitations set forth in this Section 4, at any time after the first anniversary of the IPO Commencement Date where the
aggregate NAV of the shares of the Corporation’s common stock and units representing limited partnership interests in the Operating Partnership owned by JPMIM, together with any such shares and units owned by its affiliates, represent a 24.99%
or greater interest in the Corporation and the Operating Partnership, on a fully diluted basis (such percentage referred to herein as the “JPM Interest”), the Corporation or the Operating Partnership, at the Corporation’s
election, shall automatically, and without any further action by the Corporation, JPMIM or any such affiliate, repurchase or redeem, as applicable, an amount of Securities such that the JPM Interest is equal to approximately 24.99% after giving
effect to the repurchase or redemption (any such repurchase or redemption, a “JPM Regulatory Repurchase” and, referred to collectively with any JPM Optional Repurchase, a “JPM Repurchase”). 

b.    The price per Share or Unit for each JPM Repurchase shall be equal to the then-current NAV per Share or per Unit, as
applicable, of the corresponding class of Share or Unit that is the subject of the JPM Repurchase, as determined monthly and in effect at the time of such JPM Repurchase. 

c.    For so long as JPMIM or its affiliate acts as investment adviser to the Corporation, the Corporation and/or the
Operating Partnership, as applicable, shall not effect any JPM Mandatory Repurchase with respect to any month in which either (i) the full amount of all shares of the Corporation’s common stock requested to be repurchased under the Share
Repurchase Plan are not repurchased or (ii) the Share Repurchase Plan has been suspended. 

  
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 d.    Should any JPM Repurchase, in the Corporation’s judgment,
place an undue burden on the Corporation’s liquidity, adversely affect the Corporation’s operations or risk having an adverse impact on the Corporation as a whole, the Corporation may elect not to redeem or repurchase from JPMIM, or may
offer to purchase or redeem less than the amount of the JPM Repurchase. 
 e.    The Corporation may in its sole
discretion determine to suspend purchases or redemptions under this repurchase arrangement if it is prohibited from purchasing the Securities by a legal, contractual or regulatory restriction applicable to it or its affiliates. 

f.    For so long as JPMIM or its affiliate acts as investment adviser to the Corporation, JPMIM will not request that
Shares be repurchased under the Share Repurchase Plan. 
 5.    JPMIM agrees that it will not vote any of the Shares of
the Corporation that it owns regarding (i) the removal of it or any of its affiliates as the Corporation’s investment adviser or (ii) any transaction between JPMIM or any of its affiliates and the Corporation; provided,
however, that the forgoing voting restrictions will cease to apply beginning on and continuing from the date on which JPMIM or any of its affiliates no longer serves as the Corporation’s investment adviser. 

6.    The principal office of JPMIM is at the address shown under its signature on the signature page of this Subscription
Agreement. 
 7.    This Subscription Agreement shall be governed by and construed in accordance with the laws of the
State of New York without giving effect to the conflict of laws provisions therein. 
 8.    This Subscription Agreement
contains the entire agreement between the parties with respect to the subject matter thereof. The provisions of this Subscription Agreement may not be modified or waived except in a writing signed by both parties. 

9.    This Subscription Agreement and the rights, powers and duties set forth herein shall, except as set forth herein,
bind and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto. The parties hereto may not assign any of their respective rights or interests in and under this Subscription
Agreement without the prior written consent of the other party, and any attempted assignment without such consent shall be void and without effect. 

10.    If any part of this Subscription Agreement is held by a court of competent jurisdiction to be unenforceable,
illegal or invalid, the balance of this Subscription Agreement shall remain in effect and unaffected by such unenforceability, illegality or invalidity. 

[Signature Page Follows] 

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

			
	JPMIM:
	
	 J.P. MORGAN INVESTMENT MANAGEMENT INC.,

a Delaware corporation

		
	By:	 	/s/ Beverly Hoyng
	Name:	 	Beverly Hoyng
	Title:	 	Managing Director
	Address:	 	     1111 Polaris Pkwy, Floor 3F

    Columbus, OH 43240

	EIN:	 	    13-3200244
	
	Acknowledged by:
	
	THE CORPORATION:
	
	 J.P. MORGAN REAL ESTATE INCOME TRUST, INC.,

a Maryland corporation

		
	By:	 	/s/ Christian Porwoll
	Name:	 	Christian Porwoll
	Title:	 	Secretary
	
	THE OPERATING PARTNERSHIP:
	
	 J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership

	
	By: J.P. Morgan Real Estate Income Trust, Inc., its general partner
		
	By:	 	/s/ Christian Porwoll
	Name:	 	Christian Porwoll
	Title:	 	Secretary

 [Signature Page to JPM Subscription Agreement] 

  
 7EX-10.5

 Exhibit 10.5 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the _____ day of _______________, 2022, by and between
J.P. Morgan Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), and _________________________ (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves or will serve as a director or officer of the Company and may, therefore,
be subjected to claims, suits or proceedings arising as a result of such service; 
 WHEREAS, as an inducement to Indemnitee to serve or
continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and 

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows: 
 Section 1.    Definitions. For purposes of this Agreement: 

(a)    “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses. 

(b)    “Change in Control” means a change in control of the Company occurring after the Effective Date of a
nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date,
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least
two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of
assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in
office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were
directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved or recommended (1) by the affirmative vote of at least two-thirds of the directors 

  
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then in office who were directors as of the Effective Date or (2) by a committee of the Board of Directors consisting of at least two-thirds of the
directors then in office who were directors as of the Effective Date or, in the case of clause (1) or (2), whose election or nomination for election was previously so approved or recommended. 

(c)    “Corporate Status” means the status of a person as a present or former director, officer, employee or
agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request
of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation,
partnership, limited liability company, joint venture, trust or other enterprise (A) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (B) the management of which is
controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties to, or required to perform services for, an employee
benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof. 

(d)    “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 
 (e)    “Effective
Date” means the date set forth in the first paragraph of this Agreement. 
 (f)    “Expenses” means any
and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise
participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond,
supersedeas bond or other appeal bond or its equivalent. 
 (g)    “Independent Counsel” means a law firm, or
a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification
or advance of Expenses 

  
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hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(h)    “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil
(including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise
specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding. 

Section 2.    Services by Indemnitee. Indemnitee serves or will serve as a director or officer of the Company.
However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other
entity) and Indemnitee. 
 Section 3.    General. Subject to the limitations in Section 5, the Company
shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in
Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this
Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), including, without
limitation, Section 2-418 of the MGCL. 
 Section 4.    Standard
for Indemnification. Subject to the limitations in Section 5, if, by reason of service in Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee
against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and
convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee
actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

Section 5.    Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other
than Section 6), Indemnitee shall not be entitled to: 
 (a)    indemnification for any loss or liability unless
all of the following conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct that 

  
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caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the Company; (iii) such loss or liability was
not the result of (A) gross negligence or willful misconduct in the case of an Indemnitee who is an independent director of the Company or (B) negligence or misconduct in the case of an Indemnitee who is not an independent director of the
Company; and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the Company’s stockholders; 

(b)    indemnification for any loss or liability arising from an alleged violation of federal or state securities laws
unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to Indemnitee; (ii) such claims have been dismissed with
prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related
costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities
of the Company were offered or sold as to indemnification for violations of securities laws; 
 (c)     indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company; 

(d)    indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to
further appeal, to be liable on the basis that personal benefit in money, property or services was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate
Status; or 
 (e)     indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee,
unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

Section 6.    Court-Ordered Indemnification. Subject to the limitations in Section 5(a) and (b), a court
of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

(a)    if such court determines that Indemnitee is entitled to reimbursement under
Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 

(b)    if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the
relevant circumstances, whether or not Indemnitee (i) has 

  
 -4- 

 
met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal
benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL. 
 Section 7.    Indemnification for
Expenses of an Indemnitee Who is Wholly or Partially Successful. Subject to the limitations in Section 5, to the extent that Indemnitee was or is, by reason of service in Indemnitee’s Corporate Status, made a party to (or otherwise
becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes
of this Section 7, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 8.    Advance of Expenses for Indemnitee. If, by reason of service in Indemnitee’s Corporate
Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses incurred by
or on behalf of Indemnitee in connection with (a) such Proceeding which is initiated by a third party who is not a stockholder of the Company or (b) such Proceeding which is initiated by a stockholder of the Company acting in his or her
capacity as such and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company. The Company shall make
such advance or advances of incurred Expenses within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding, which advance may
be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such
Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written
affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution
thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this
Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security
therefor.  

  
 -5- 

 Section 9.    Indemnification and Advance of Expenses as a
Witness or Other Participant. Subject to the limitations in Section 5, to the extent that Indemnitee is or may be, by reason of service in Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any
Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an affirmation and undertaking substantially in the form attached
hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of execution thereof. 

Section 10.    Procedure for Determination of Entitlement to Indemnification. 

(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one
or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request
for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 

(b)    Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if
required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Directors, a
copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL,
which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of the Disinterested Directors or by a majority vote of a committee
of the Board of Directors consisting of one or more Disinterested Directors designated to act in the matter by a majority vote of the Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a
copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the stockholders of the Company, other than directors or officers who are parties to the Proceeding. If it is so determined that Indemnitee is
entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary or appropriate to such 

  
 -6- 

 
determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee
harmless therefrom. 
 (c)    The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is
appointed. 
 Section 11.    Presumptions and Effect of Certain Proceedings. 

(a)    In making any determination with respect to entitlement to indemnification hereunder, the person or persons
(including any court having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 
 (c)    The knowledge and/or actions, or failure to act, of any other director, officer, employee or
agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

Section 12.    Remedies of Indemnitee. 

(a)    If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or 9 of this Agreement within ten days after receipt by
the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee
is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant
to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration

  
 -7- 

 
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not
apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any
such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b)    In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed
to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If
Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding
or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by
all of the provisions of this Agreement. 
 (c)    If a determination shall have been made pursuant to
Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

 (d)    In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial
adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and
all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the
indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e)    Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under
the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to
advance Expenses in accordance with Section 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to
indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 

  
 -8- 

 Section 13.    Defense of the Underlying Proceeding. 

(a)    Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena,
complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a
summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this
Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b)    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the
Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 days following receipt of
notice of any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or
enter into any settlement or compromise with respect to Indemnitee which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in
respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a
Proceeding brought by Indemnitee under Section 12 of this Agreement. 
 (c)    Notwithstanding the provisions of
Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of service in Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee
and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of
the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other
person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain
counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee
in connection with any such matter. 

  
 -9- 

Section 14.    Non-Exclusivity; Survival of Rights; Subrogation. 

(a)    The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board
of Directors, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or
subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy. 

(b)    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights. 
 Section 15.    Insurance. 

(a)     The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms
and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of service in Indemnitee’s Corporate Status and covering the Company for any
indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of service in Indemnitee’s Corporate Status. In the event of a Change in Control, the Company shall maintain in force any
and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at
the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any
replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier;
provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 300% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the
Change in Control. In the event that 300% of the annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser
coverage as may be obtained with such amount. 

  
 -10- 

 (b)     Without in any way limiting any other obligation under this
Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments,
penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in
any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or
affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company
has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

(c)    Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 Section 16.    Coordination of Payments. The Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

Section 17.    Contribution. If the indemnification provided in this Agreement is unavailable in whole or in
part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire
amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives
and relinquishes any right of contribution it may have at any time against Indemnitee. 
 Section 18.    Reports
to Stockholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a
Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 

Section 19.    Duration of Agreement; Binding Effect. 

(a)    This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have
ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust,

  
 -11- 

 
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and
(ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement). 

(b)    The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to
the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

(c)    The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(d)    The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or
other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

 Section 20.    Severability. If any provision or provisions of this Agreement shall be held to be
invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or
sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable that is not itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to 

  
 -12- 

 
applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal or otherwise unenforceable) shall be construed
so as to give effect to the intent manifested thereby. 
 Section 21.    Counterparts. This Agreement may be
executed in one or more counterparts (delivery of which may be by facsimile or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and
it will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to
evidence the existence of this Agreement. 
 Section 22.    Headings. The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

Section 23.    Modification and Waiver. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise
expressly stated, shall such waiver constitute a continuing waiver. 
 Section 24.    Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on
the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 

(a)    If to Indemnitee, to the address set forth on the signature page hereto. 

(b)    If to the Company, to: 

 J.P. Morgan Real Estate Income Trust, Inc. 

 277 Park Avenue 

 New York, NY 10172 

 Attn: Secretary 
 or to such other address
as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

  
 -13- 

 Section 25.    Governing Law. This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 

[SIGNATURE PAGE FOLLOWS] 

  
 -14- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

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

		 	Name:
		 	Title:

  
 -15- 

 
	
	INDEMNITEE
	
	  

	Name:
	Address:

 [Signature Page to Indemnification Agreement] 

 EXHIBIT A 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 

To: The Board of Directors of J.P. Morgan Real Estate Income Trust, Inc. 

Re: Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the _____ day of _______________,
2021, by and between J.P. Morgan Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in
connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have
the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of service in my Corporate Status. I
hereby affirm my good faith belief that at all times, insofar as I was involved as a director or officer of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or
deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services, (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful,
(4) was acting on behalf of or performing services for the Company, (5) acted in the best interests of the Company and (6) [did not act with gross negligence or engage in willful misconduct][did not act with negligence or engage in
misconduct] [Use first bracketed alternative for independent directors and second bracketed alternative for all other indemnitees.]. 

In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced
Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the
result of active and deliberate dishonesty, (2) I actually received an improper personal benefit in money, property or services, (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was
unlawful, (4) an act or omission by me (a) was not in service of the Company, (b) was not in the best interests of the Company or (c) [constituted gross negligence or willful misconduct] [constituted negligence or misconduct]
[Use first bracketed alternative for independent directors and second bracketed alternative for all other indemnitees.] or (5) in the case of any alleged federal or state securities law violation by me, (a) there
was not a successful adjudication on the merits of each count involving alleged securities law violations, (b) such claims were not dismissed with prejudice on the merits by a court of competent jurisdiction or (c) a court of competent
jurisdiction, which had been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification
for violations of securities laws, did not approve a settlement of such claims and 

 
find that indemnification of the settlement and related costs should be made, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of
interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established. 

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this _____ day of _______________, 20____. 

 

	
	  
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