Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 447

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 447
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 interpreted and construed in a manner consistent with the Company’s status as a real estate investment trust (“REIT”). No award shall be granted or awarded, and with respect to any award granted under this Plan, such award shall not vest, be exercisable or be settled: (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the share ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT.

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D-26</div>

The foregoing is hereby acknowledged as being the amendment and restatement of the 2023 Long Term Incentive Plan, adopted by the Board on April 4, 2025 and by the Shareholders on June 10, 2025.

| NEXPOINT DIVERSIFIED REAL ESTATE TRUST                     |
| By:                                                        |
| Name: Matt McGraner                                        
 Title: Chief Investment Officer & Executive Vice President |

<div align='center'>D-27

PART II
INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 20. Indemnification of Directors and Officers.

Delaware law permits Old NXDT to include in its governing instruments a provision limiting any fiduciary and other duties of Old NXDT’s trustees and officers to Old NXDT’s shareholders and Old NXDT for money damages, as well as liabilities for breach of contract, provided that a governing instrument may not limit or eliminate liability for any act or omission that constitutes a bad-faith violation of the implied covenant of good faith and fair dealing. Further, Delaware law provides that a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof; and an officer, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a trustee or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof. Old NXDT’s Declaration of Trust contains a provision that eliminates the liability of our trustees and officers.

Delaware law grants Old NXDT (subject to any limitations set forth in the governing instruments of Old NXDT) the power to