Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 106

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 106
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 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.

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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 and preferences set forth in the such provisions of the New NXDT Charter for a series of preferred stock differently than such rights and preferences for any other series of preferred stock without the affirmative vote of the holders of at least two-thirds of the preferred stock Outstanding of each series adversely affected (each such adversely affected series voting separately as a class to the extent its rights are affected differently); 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 terms and conditions of the New Series A Preferred Stock set forth in the New NXDT Charter.

The class votes of holders of preferred stock described (a) and (b) above will in each case be in addition