Document:

EX-10.4

 Exhibit 10.4 

FIRST AMENDMENT 
 TO

 MANAGEMENT AGREEMENT 

This First Amendment to Management Agreement (this “Amendment”) is entered into as of [•], 2020 by and among NexPoint
Real Estate Finance, Inc., a Maryland corporation (the “Company”), and NexPoint Real Estate Advisors VII, L.P., a Delaware limited partnership (the “Manager”). All capitalized terms used herein and not otherwise
defined have the respective meaning given to such terms in the Management Agreement (as defined below). 
 RECITALS 

A. The parties hereto previously entered into that certain Management Agreement, dated February 6, 2020 (the “Management
Agreement”). 
 B. In accordance with Section 13(b) of the Management Agreement, the parties hereto desire to amend certain
provisions of the Management Agreement as set forth herein. 
 Agreement 

Section 1. Definitions. The definition of “Equity” as set forth in Section 1 of the Management Agreement is hereby
amended and restated in its entirety to read as follows: 
 “‘Equity’ means (a) the sum of
(i) total stockholders’ equity immediately prior to the Offering Date, plus (ii) the net proceeds received by the Company from all issuances of the Company’s equity securities in and after the IPO, plus (iii) the
Company’s cumulative Core Earnings from and after the Offering Date to the end of the most recently completed calendar quarter, (b) less (i) any distributions to the Stockholders from and after the Offering Date to the end of the most
recently completed calendar quarter and (ii) all amounts that the Company or any of its subsidiaries has paid to repurchase for cash the shares of the Company’s equity securities from and after the Offering Date to the end of the most
recently completed calendar quarter. In the Company’s calculation of Equity, the Company will adjust its calculation of Core Earnings to remove the compensation expense relating to awards granted under one or more of its long-term incentive
plans that is added back in the calculation of Core Earnings. Additionally, for the avoidance of doubt, Equity does not include the assets contributed to the Company in the Formation Transaction.” 

Section 2. Miscellaneous. 

(a) Effect of Amendment. This Amendment is limited as specified herein and shall not constitute a modification, amendment or waiver of
any other provision of the Management Agreement. Except as specifically amended by this Amendment, all other provisions of the Management Agreement are hereby ratified and remain in full force and effect. 

 (b) Single Document. From and after the date hereof, all references to the Management
Agreement shall be deemed to be references to the Management Agreement as amended by this Amendment. 
 (c) Severability. The
provisions of this Agreement are independent and severable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part. 
 (d) Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 (e) Headings. The headings in
this Amendment are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed and delivered this FIRST AMENDMENT TO
MANAGEMENT AGREEMENT as of the date first written above. 
  

			
	 NEXPOINT REAL ESTATE FINANCE, INC.

		
	By:	 	 
	Name:	 	Brian Mitts
	 Title: 
	 	 Chief Financial Officer, Executive
 VP-Finance, Secretary and Treasurer

  

			
	 NEXPOINT REAL ESTATE ADVISORS VII, L.P.

		
	By:	 	 
	Name:	 	Brian Mitts
	 Title: 
	 	 Chief Financial Officer, Executive
 VP-Finance, Secretary and TreasurerEX-10.10

 Exhibit 10.10 

NEXPOINT REAL ESTATE FINANCE, INC. 

Form of Restricted Stock Units Agreement 

This RESTRICTED STOCK UNITS AGREEMENT (this “Agreement”) is made as of ___________ ___, 20__, by and between NexPoint Real
Estate Finance, Inc., a Maryland corporation (the “Company”), and _________________ (the “Grantee”). 

1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to
such terms in the Company’s 2020 Long Term Incentive Plan (the “Plan”). 
 2. Grant of RSUs. Subject to
and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, the Company has granted to the Grantee as of ___________ ___, 20__ (the “Date of Grant”) _____ Restricted Stock Units
(“RSUs”). Each RSU shall represent the right of the Grantee to receive one Share subject to and upon the terms and conditions of this Agreement. 

3. Restrictions on Transfer of RSUs. Subject to Section 16 of the Plan, neither the RSUs evidenced hereby nor any interest
therein or in the Shares underlying such RSUs shall be transferable prior to payment to the Grantee pursuant to Section 5 hereof other than by will or pursuant to the laws of descent and distribution. 

4. Vesting of RSUs. 
  

	 	(a)	 The RSUs covered by this Agreement shall become nonforfeitable and payable to the Grantee pursuant to
Section 5 hereof (“Vest,” or similar terms) on the first anniversary of the Date of Grant, conditioned upon the Grantee’s continuous service on the Board through such date (the period from the Date of
Grant until the first anniversary of the Date of Grant, the “Vesting Period”). Any RSUs that do not so Vest will be forfeited, including, except as provided in Section 4(b) or
Section 4(c) below, if the Grantee ceases to continuously serve on the Board prior to the end of the Vesting Period. 

  

	 	(b)	 Notwithstanding Section 4(a) above, the RSUs shall Vest upon the Grantee’s
cessation of service on the Board if such service should cease prior to the end of the Vesting Period due to the Grantee’s death or Disability (to the extent the RSUs have not previously become Vested or been forfeited) in accordance with
Section 5 hereof. 

  

	 	(c)	 Notwithstanding Section 4(a) above, if at any time before the end of the Vesting
Period or forfeiture of the RSUs, and while the Grantee is continuously serving on the Board, a Change in Control occurs, then all of the RSUs will become Vested and payable to the Grantee in accordance with Section 5
hereof. 

  

	 	(d)	 For purposes of this Agreement, “Disability” shall mean a medically determinable physical or
mental impairment expected to result in death or to continue for a period of not less than 12 months that causes the Grantee to be unable to engage in any substantial gainful activity. 

 5. Form and Time of Payment of RSUs. 

 

	 	(a)	 Payment for the RSUs, after and to the extent they have become Vested, shall be made in the form of Shares.
Payment shall be made as soon as administratively practicable following (but no later than thirty (30) days following) the date that the RSUs become Vested pursuant to Section 4 hereof. 

 

	 	(b)	 Except to the extent provided by Section 409A of the Code and permitted by the Committee, no Shares may be
issued to the Grantee at a time earlier than otherwise expressly provided in this Agreement. 

  

	 	(c)	 The Committee may also determine to pay for Vested RSUs in cash based on the market value of the Shares on the
date of settlement. The Company’s obligations to the Grantee with respect to the RSUs will be satisfied in full upon the issuance of Shares corresponding to such RSUs or upon a cash payment corresponding to such RSUs. 

6. Dividend Equivalents; Other Rights. 
  

	 	(a)	 The Grantee shall have no rights of ownership in the Shares underlying the RSUs and no right to vote the Shares
underlying the RSUs until the date on which the Shares underlying the RSUs are issued or transferred to the Grantee pursuant to Section 5 above. 

 

	 	(b)	 From and after the Date of Grant and until the earlier of (i) the time when the RSUs become Vested and are
paid in accordance with Section 5 hereof or (ii) the time when the Grantee’s right to receive Shares in payment of the RSUs is forfeited in accordance with Section 4 hereof, on the date
that the Company pays a cash dividend (if any) to holders of Shares generally, the Grantee shall be credited with cash per RSU equal to the amount of such dividend. Any amounts credited pursuant to the immediately preceding sentence shall be subject
to the same applicable terms and conditions (including Vesting, payment and forfeitability) as apply to the RSUs in respect of which the dividend equivalents were credited, and such amounts shall be paid in cash at the same time as the RSUs to which
they relate are paid in Shares. 

  

	 	(c)	 The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of
the Company to deliver Shares in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this
Agreement. 

 7. Adjustments. The number of Shares issuable for each RSU and the other terms and conditions
of the grant evidenced by this Agreement are subject to adjustment as provided in Section 12 of the Plan. 
 8. Taxes.
The Grantee will be solely responsible for the payment of all taxes that arise with respect to the granting and payment of the RSUs, including the payment of any Shares. 

  
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 9. Compliance With Law. The Company shall make reasonable efforts to comply
with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any Shares pursuant to this Agreement if the
issuance thereof would result in a violation of any such law. Notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue Shares or make any payments pursuant to this Agreement if the issuance or
payment thereof could impair the Company’s status as a REIT. 
 10. Compliance With Section 409A
of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with or be exempt from the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent
with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be
retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the consent of the Grantee). Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or
final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 

11. No Right to Future Awards or Board Membership. The grant of the RSUs under this Agreement to the Grantee is a voluntary,
discretionary award being made on a one-time basis, and it does not constitute a commitment to make any future awards. Nothing contained in this Agreement shall confer upon the Grantee any right to continued
service as a member of the Board. 
 12. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and
(b) the Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act or to prevent impairment of the
Company’s status as a REIT.  
 13. Severability. In the event that one or more of the provisions of this
Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and
fully enforceable. 
 14. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of
any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have
the right to determine any questions which arise in connection with this Agreement. 
 15. Electronic Delivery. The Company
may, in its sole discretion, deliver any documents related to the RSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in
the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company. 

  
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 16. Governing Law. This Agreement shall be governed by and construed in
accordance with the internal substantive laws of the State of Maryland, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction. 

17. Successors and Assigns. Without limiting Section 3 hereof, the provisions of this Agreement shall
inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company. 

18. Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy of the Plan, (b) has had an
opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions. 

19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same agreement. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 4 

 
			
	
	NEXPOINT REAL ESTATE FINANCE, INC.
		
	 By:
	 	 
	Name:	 	
	Title:	 	
	
	 Grantee Acknowledgment and Acceptance

		
	 By:
	 	 
	Name:

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