Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 207

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 207
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 Plans. If
shares of common stock are issued upon the exercise of a stock appreciation right, the number of shares available for future awards under
the BHM Incentive Plans shall be reduced by the number of shares for which the stock appreciation right was exercised rather than the
number of shares issued to the participant.

Awards Under the BHM Incentive Plans

The BHM Individuals Plan
authorizes the grant of incentive stock options (under Section 422 of the Code) and both the BHM Individuals Plan and the BHM Entities
Plan authorize the grant of options that do not qualify as incentive stock options. The exercise price of each option will be determined
by the administrator, provided that the price cannot be less than 100% of the fair market value of the shares of our common stock on the
date on which the option is granted (or 110% of the shares’ fair market value on the grant date in the case of an incentive stock
option granted to an individual who is a “ten percent stockholder” under Sections 422 and 424 of the Code). Except for adjustments
to equitably reflect stock splits, stock dividends or similar events, the exercise price of an outstanding option may not be reduced and
no payment may be made to cancel an “underwater” option without the approval of our stockholders. The exercise price for any
option is generally payable (i) in cash, (ii) by certified check, (iii) by the surrender of shares of our common stock
(or attestation of ownership of shares of our common stock) with an aggregate fair market value on the date on which the option is exercised,
equal to the exercise price, or (iv) by payment through a broker in accordance with procedures established by the Federal Reserve
Board. The term of an option cannot exceed ten years from the date of grant (or five years in the case of an incentive stock option granted
to an individual who is a “ten percent stockholder”). The administrator will prescribe when an option will become exercisable,
but options generally will not become exercisable before the first anniversary of its grant, except in the event of the death or disability
of the holder or a change in control of the company, and further provided that awards for up to five percent (5%) of the aggregate number
of shares of common stock authorized for issuance under the BHM Incentive Plans may be granted or awarded without regard to the one-year
minimum vesting requirement, in the discretion of the administrator.