Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 142

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 142
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 cease to exist as ownership interests in the Trust and shall continue to exist as shares of Common Stock, Series A Preferred Stock and Series B Preferred Stock, respectively, of the Corporation. The Common Stock, Series A Preferred Stock and Series B Preferred Stock issued to such holders shall have the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as set forth in the Articles of Incorporation and the MGCL. The Corporation may request that the holders of any such certificates surrender them for cancellation and replacement with new certificates representing the applicable shares of Common Stock, Series A Preferred Stock or Series B Preferred Stock into which such Common Shares, Series A Preferred Shares or Series B Preferred Shares, respectively, converted or, to the extent such shares are to be uncertificated, evidence of such shares in book-entry form. As stock of the successor registrant to the Trust, the Common Stock, Series A Preferred Stock and Series B Preferred Stock will be deemed to be registered under Section 12(b) of the Exchange Act.

<div align='center'>A-2</div>

3. Board of Directors. The initial directors of the Corporation, who will be named in the Articles of Incorporation, shall be the same as the members of the Board of Trustees of the Trust immediately prior to submission of the Articles of Incorporation to the SDAT for filing. Each initial director of the Corporation shall hold office until the successors to the initial directors shall have been duly elected and qualified or until such initial director’s earlier resignation or removal in accordance with the applicable provisions of the MGCL, the Articles of Incorporation and the bylaws of the Corporation.

4. Treatment of Equity Incentive Plan. At the Effective Time, the rights and obligations of the Trust under the Trust’s 2023 Long Term Incentive Plan (including all amendments or modifications, the “”), the awards made under the Plan outstanding immediately prior to the Effective Time and the related award agreements, and any and all other agreements respecting awards made under the Plan and in effect immediately prior to the Effective Time shall become the rights and obligations of the Corporation and, for purposes of the Plan, shall be deemed to have been assumed by the Corporation in accordance with the terms thereof, and all rights of the parties thereto and the participants therein to acquire Common Shares on the terms and subject to the conditions of the Plan, the award agreements and such other agreements will be converted on a one-for-one basis into rights to acquire shares of Common Stock, in each