Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 144

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 144
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 and New NXDT Bylaws–Business Combinations” for a description of the provisions of MGCL applicable to business combinations. These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a Maryland corporation’s board of directors prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, New NXDT’s board of directors will elect, by resolution, to exempt from the Maryland Business Combination Act all business combinations (a) between New NXDT and the Adviser, Jim Dondero and certain of his affiliates or their respective affiliates and (b) between New NXDT and any other person, provided that in the latter case the business combination is first approved by New NXDT’s board of directors (including a majority of directors who are not affiliates or associates of such person) 
 The business combination provisions of the MGCL may discourage others from trying to acquire control of New NXDT and increase the difficulty of consummating any offer to acquire control of New NXDT.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 Control Share Acquisitions. See “Certain Provisions of Maryland Law and of the New NXDT Charter and New NXDT Bylaws–Control Share Acquisitions” for a description of the control share acquisition provisions of the MCGL. As permitted by the MGCL, the New NXDT Bylaws, attached hereto as Annex C, contain a provision opting out of the control acquisition provisions of the MGCL. This provision may be amended or eliminated at any time in the future by New NXDT’s board of directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 Subtitle 8. Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by a provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the New NXDT Charter or New NXDT Bylaws, to any or all of five provisions of the MGCL which provide for certain corporate governance matters.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 See “Certain Provisions of Maryland Law and of the New NXDT Charter and the New NXDT Bylaws.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

<div align='center'>105

LIMITATION OF LIABILITY AND INDEMNIFICATION OF DIRECTORS AND OFFICERS</div>

Maryland law permits New NXDT to include in its charter a provision eliminating the liability of New NXDT