Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 419

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 419
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 is in compliance with the fair market value pricing rules set forth in Section 409A of the Code.

<div align='center'>D-4</div>

(z) “Original Plan” has the meaning set forth in the preamble.

(aa) “Original Adoption Date” means January 30, 2023.

(bb) “Operating Partnership” means NexPoint Diversified Real Estate Trust Operating Partnership, L.P., a Delaware limited partnership.

(cc) “OP Interests” means limited partnership interests in the Operating Partnership that may be exchanged or redeemed for Shares on a one-for-one basis, or any profits interest in the Operating Partnership that may be exchanged or converted into such limited partnership interests.

(dd) “Optionee” means the Participant named in an Award Agreement evidencing an outstanding Option Right.

(ee) “Option Price” means the purchase price payable on exercise of an Option Right.

(ff) “Option Right” means the right to purchase Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

(gg) “Overall Share Limit” means 3,310,000 Shares, which is the sum of 765,000 Shares plus the 2,545,000 Shares previously approved under the Original Plan.

(hh) “Participant” means a person who is selected by the Committee to receive benefits under this Plan and who is at the time (i) an officer or other key employee of the Company Group, including a person who has agreed to commence serving in such capacity within 90 days of the Date of Grant, (ii) a person who provides services to the Company Group (provided that such person satisfies the applicable definitions under the general instructions to Form S-8), or (iii) a non-employee Trustee.

(ii) “Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended and restated from time to time.

(jj) “Performance Period” means, in respect of a Cash Incentive Award, Performance Share or Performance Unit, a period of time established pursuant to Section 8 of this Plan within which the Management Objectives relating to such Cash Incentive Award, Performance Share or Performance Unit are to be achieved.

(kk) “Performance Share” means a bookkeeping entry that records the equivalent of one Share awarded pursuant to Section 8 of this Plan.

(ll) “Performance Unit” means a bookkeeping entry awarded pursuant to Section 8 of this Plan that records a unit equivalent to $1.00 or such other value