Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 88

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 88
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 the Superior Proposal or Intervening Event, as applicable, that is the basis of such action, including, if applicable, copies of any written proposals or offers and any proposed written agreements related to a Superior Proposal; |

| (ii) | during the five Business Day period following NXDT’s receipt of the Notice of Change of Recommendation (a “Notice of Change Period”), the REIT shall, and shall cause its Representatives to, negotiate with NXDT (to the extent NXDT desires to negotiate) to make such adjustments in the terms and conditions of the Merger Agreement so that, in the case of a Superior Proposal, such Superior Proposal ceases to constitute a Superior Proposal, or, in the case of an Intervening Event, in order to obviate the need to make such Adverse Recommendation Change; and |

| (iii) | following the end of the Notice of Change Period, the Board has determined, after consultation with its outside legal counsel and financial advisors, taking into account any changes to the Merger Agreement proposed in writing by NXDT in response to the Notice of Change of Recommendation or otherwise, that (a) the Superior Proposal giving rise to the Notice of Change of Recommendation continues to constitute a Superior Proposal or (b) in the case of an Intervening Event, the failure of the Board to effect an Adverse Recommendation Change would reasonably be expected to be inconsistent with the trustees’ or directors’ duties under applicable law. |

| (i) | Termination by NXDT or the Company |

At any time prior to the Closing Date, whether before or after the receipt of the Requisite Vote (except as otherwise provided below), the Merger Agreement may be terminated and abandoned:

| (i) | by the mutual written consent of NXDT and the Company; |

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| (ii) | by either of the Company, on the one hand, or NXDT, on the other hand, by written notice to the other, if: |

| a. | any Governmental Entity of competent authority has issued an order, decree or ruling or taken any other action in each case permanently restraining, enjoining or otherwise prohibiting the Mergers and such order, decree, ruling or other action has become final and non-appealable; provided, that the right to terminate the Merger Agreement will not be available to a Party if the issuance of such final, non-appealable order, decree or ruling or taking of such other action was primarily due to