Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 510

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 510
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 shall be governed by and construed in accordance with the internal substantive laws of the state of incorporation or formation of the Company, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.

17. Successors and Assigns. Without limiting hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.

18. Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy of the Plan, (b) has had an opportunity to review the terms of this Agreement.

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and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions.

19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.

<div align='center'>[SIGNATURES ON FOLLOWING PAGE]</div>

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST

By:

Name:
Title:

Grantee Acknowledgment and Acceptance

By:

Name:

<div align='center'>[Signature Page to NXDT RSU Award Agreement]
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Exhibit 10.6

<div align='center'>NEXPOINT DIVERSIFIED REAL ESTATE TRUST

FORM OF RESTRICTED SHARES UNITS AGREEMENT (Key Employee)</div>

This RESTRICTED SHARES UNITS AGREEMENT (this “Agreement”) is made as of ______ __, 20__, by and between NexPoint Diversified Real Estate Trust, a Delaware statutory trust (the “Company”), and ______ (the “Grantee”).

1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such terms in the Company’s 2023 Long Term Incentive Plan (as amended from time to time, the “Plan”).

2. Grant of RSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, the Company has