Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 40

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 40
---
 at least two-thirds of the adversely affected class of New Preferred Stock outstanding at the time, voting separately as one class, amend, alter, or repeal the provisions of the section of the New NXDT Charter setting forth the rights and terms of the applicable class of New Preferred Stock so as to adversely affect the rights and preferences of such class of New Preferred Stock. |

<div align='center'>28</div>

| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     | New NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Extraordinary Actions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| The Declaration of Trust provides that, subject to the Statements of Preferences, any merger or consolidation must be authorized by two-thirds of the trustees; provided that any merger or consolidation in which Old NXDT is not the surviving entity, or sale, lease or exchange of all or substantially all of Old NXDT’s property shall require the approval of the shareholders, in which case such action shall require the approval of not less than seventy-five percent of the shares of each affected class or series, unless such action has been approved by eighty percent of the trustees, in which case the action will require the approval of a vote of the majority of shares of Old NXDT present in person or represented by proxy at a meeting of the shareholders at which a quorum is present and entitled to vote on the subject matter. |     | Under the MGCL, a Maryland corporation generally may not dissolve, merge or consolidate with, or convert to, another entity, sell all or substantially all of its assets or engage in a statutory share exchange unless the action is declared advisable by the board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is specified in the corporation’s charter. The New NXDT Charter provides that such actions will be effective and valid if declared advisable by the board of directors and taken or approved by the affirmative vote of stockholders entitled to cast a majority of all votes entitled to be cast on the matter. |
| Shareholder Action by Consent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| The Declaration of Trust provides that, except otherwise provided by a majority of trustees, shareholder action may only be taken at a duly called and held meeting of the shareholders called for such