Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2006

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2006
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 Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder; , , that a holder of a Profits LTIP Unit may not exercise the Conversion Right with respect to such Profits LTIP Unit prior to the date on which the Book-Up Target for such Profits LTIP Unit becomes zero (an LTIP Unit eligible for conversion pursuant to this , an “”). LTIP Unitholders shall not have the right to convert Unvested LTIP Units into Class B Units until they become Vested LTIP Units; , , that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested

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I-1585</div>

LTIP Units, such LTIP Unitholder may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company subject to such condition. Subject to , the Manager shall have the right at any time to cause a conversion of Vested LTIP Units into Class B Units. In all cases, the conversion of any LTIP Units into Class B Units shall be subject to the conditions and procedures set forth in this .

(b) . A holder of Eligible LTIP Units may convert such Eligible LTIP Units into an equal number of fully paid and non-assessable Class B Units, giving effect to all adjustments (if any) made pursuant to . In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a “”) in the form attached as to this Agreement to the Company (with a copy to the Manager) not less than 10 nor more than 60 days prior to a date (the “”) specified in such Conversion Notice. A Conversion Notice shall be provided in the manner provided in . Each LTIP Unitholder covenants and agrees with the Company that all Eligible LTIP Units to be converted pursuant to this shall be free and clear of all liens and encumbrances. Notwithstanding anything herein to the contrary, a holder of Eligible LTIP Units may deliver a Notice of Redemption pursuant to relating to those Class B Units that will be issued to such holder upon conversion of such Eligible LTIP Units into