Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 139

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 139
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 to own, beneficially or by virtue of the applicable constructive ownership provisions of the Internal Revenue Code, more than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding Old Common Shares, or 9.8%, in value or in number of shares, whichever is more restrictive, of the aggregate of the outstanding shares of Old NXDT of any class or series.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 The ownership limits apply during the period commencing on the date on which the shareholders approved the conversion of Old NXDT from an investment company registered under the 1940 Act, as amended, to a REIT (the “Initial Date”) and prior to the date on which the Board may determine that compliance with the restrictions and limitations on beneficial ownership, constructive ownership and transfers set forth below (the “Restrictions”) are no longer in the best interests of Old NXDT (the “Restriction Termination Date”), but subject to the provision of the Declaration of Trust providing that such Restrictions will not preclude the settlement of any transaction entered into the facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system. During such period:                                                                                                                                                                                              
 (i)     (1) No person, other than a person (an “Excepted Holder”) for whom a percentage limit (subject to the terms of the Declaration of Trust, an “Excepted Holder Limit”) is established by the Board in accordance with the Declaration of Trust, will beneficially own or constructively own shares of Old NXDT in excess of the aggregate share ownership limit, or such other percentage determined by the Board in accordance with provisions in the Declaration of Trust pertaining to the increase or decrease of such percentage, (2) no person, other than an Excepted Holder, will beneficially own or constructively own shares of Old NXDT in excess of the common share ownership limit, or such other percentage determined by the Board in accordance with provisions in the Declaration of Trust pertaining to the increase or decrease of such percentage, and (3) no Excepted Holder will beneficially own or constructively own shares of Old NXDT in excess of the Excepted Holder Limit for such Excepted Holder. |     | Except with regard to persons exempted by New NXDT’s board of directors from the ownership and transfer restrictions of the New NXDT Charter, no person may beneficially or constructively own more than 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding New Common Stock