Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 212

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 212
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 the Option or SAR may be cancelled without any payment to the holder.

In summary, a change in control under the BHM
Incentive Plans occurs if:

| · | a person, entity                                                                                                                          
 or affiliated group (with certain exceptions) acquires, in a transaction or series of transactions, more than 30% of the total combined   
 voting power of our outstanding securities;                                                                                               |
| · | there occurs a merger,                                                                                                                    
 consolidation, reorganization, or business combination, unless the holders of our voting securities immediately prior to such transaction 
 have more than 50% of the combined voting power of the securities in the successor entity or its parent;                                  |

<div align='center'>108</div>

| · | we (i) sell                                                                                                                      
 or dispose of all or substantially all of our assets or (ii) acquire assets or stock of another entity, unless the holders of    
 our voting securities immediately prior to such transaction have more than 50% of the combined voting power of the securities in 
 the successor entity or its parent; or                                                                                           |

| · | during any                                                                                                                        
 period of twelve consecutive months, individuals who, at the beginning of such period, constitute our board of directors together 
 with any new directors (other than individuals who become directors in connection with certain transactions or election contests) 
 cease for any reason to constitute a majority of our board of directors.                                                          |

The Code has special rules that
apply to “parachute payments,” i.e., compensation or benefits the payment of which is contingent upon a change in control.
If certain individuals receive parachute payments in excess of a safe harbor amount prescribed by the Code, the payor is denied a U.S.
federal income tax deduction for a portion of the payments and the recipient must pay a 20% excise tax, in addition to income tax, on
a portion of the payments.

If we experience a change
in control, benefits provided under the BHM Incentive Plans could be treated as parachute payments. In that event, the BHM Incentive Plans
provide that the benefits under the BHM Incentive Plans, and all other parachute payments provided under other plans and agreements, will
be reduced to the safe harbor amount, i.e., the maximum amount that may be paid without excise tax liability or loss of deduction, if
the reduction allows the participant to receive greater after-tax benefits. The benefits under the BHM Incentive Plans and other plans
and agreements will not