Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 200

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 200
---

(c) any such preferred stock in exchange for or in lieu of which other stock been issued and delivered.

Notwithstanding the foregoing, for purposes of voting rights (including the determination of the number of shares required to constitute a quorum), any preferred stock as to which New NXDT or any subsidiary of New NXDT is the holder will be disregarded and deemed not Outstanding.

The New NXDT Charter provides that New NXDT and New NXDT’s board of directors will take all necessary actions, including effecting the removal of directors or amendment of the New NXDT Charter or New NXDT Bylaws, to effect an adjustment of the number and/or composition of directors as described with respect to the entitlement to elect the Preferred Stock Directors. Upon the expiration of a Voting Period, the terms of office of the Preferred Stock Directors will expire at the earliest time permitted by law and the voting rights with respect to the Preferred Stock Directors will cease, subject, however, to the preferred stock’s voting rights upon the further occurrence of any of the events described with respect to a Voting Period. Upon the expiration of the terms of office of the Preferred Stock Directors, the number of directors will be automatically reduced to the number of directors on New NXDT’s board of directors immediately preceding such Voting Period if the number of directors on New NXDT’s board of directors was increased in connection with a Voting Period.

<div align='center'>135</div>

Subject to a Rating Agency Amendment (defined below), so long as any New Series A Preferred Stock is Outstanding, we will not:

(a) amend, alter or repeal the provisions of the New NXDT Charter pertaining to the New Series A Preferred Stock so as to in the aggregate adversely affect the rights and preferences of the New Series A Preferred Stock set forth in the New NXDT Charter, including with respect to the New Series A Preferred Stock, without the affirmative vote of the holders of at least two-thirds of the preferred stock Outstanding at the time, voting separately as one class, provided that the New Series B Preferred Stock shall in no circumstances have the right to vote on the amendment, alteration or repeal of the provisions of terms and conditions of the New Series A Preferred Stock set forth in the New NXDT Charter; or

(b) to the extent permitted by the applicable exchange on which the preferred stock is listed, in the event that more than one series of preferred stock is Outstanding, amend, alter or repeal certain provisions of the New NXDT Charter pertaining to the New Series A Preferred Stock which in the aggregate adversely affects the rights