Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 142

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 142
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<div align='center'>101</div>

| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |     | New NXDT |
| If the Board at any time determines that a transfer or other event has taken place that results in a violation of the Restrictions or the terms relating to a Charitable Transfer, or that a person intends to acquire or has attempted to acquire beneficial ownership or constructive ownership of any shares in violation of the same (whether or not such violation is intended), the Board will take such action as it deems advisable to refuse to give effect to or to prevent such transfer or other event, including, without limitation, causing Old NXDT to redeem shares of Old NXDT, refusing to give effect to such transfer on the books of Old NXDT or instituting proceedings to enjoin such transfer or other event; provided, however, that any transfer or attempted transfer or other event in violation of the Restrictions will automatically result in the transfer to the charitable trust described above, and, where applicable, such transfer (or other event) will be void ab initio as provided above irrespective of any action (or non-action) by the Board.                                                                                                                                                                                                                                                                                                                                      
 The Declaration of Trust requires that any person who acquires or attempts or intends to acquire beneficial ownership or constructive ownership of shares of beneficial ownership that will or may violate the Restrictions or any person who would have owned shares of Old NXDT that resulted in a Charitable Transfer will immediately give written notice to Old NXDT of such event or, in the case of such a proposed or attempted transaction, give at least 15 days’ prior written notice, and will provide to Old NXDT such other information as Old NXDT may request in order to determine the effect, if any, of such transfer on Company’s status as a REIT.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 The Declaration of Trust also requires that, from the Initial Date and prior to the Restriction Termination Date, (a) every owner of five percent or more (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder) in number or value of the outstanding shares of Old NXDT, within 30 days after the end of each taxable year, shall give written notice to Old NXDT stating the name and address of such owner, the number of shares of Old NXDT beneficially owned and a description of the manner in which such shares are held. Each such owner must provide to Old NXDT such additional information as Old NXDT may request in order