Company: BHM
Filing Date: 2025-07-18
Form Type: S-8
Source: 0001104659-25-069050
Chunk: 4

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-18
Form: S-8
Chunk 4
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 dishonesty; |
| · | the director or executive officer actually received an improper personal benefit in money, property or services; or                                                                                     |
| · | with respect to any criminal action or proceeding, the director or executive officer had reasonable cause to believe his or her conduct was unlawful.                                                   |

Except as described below,
our directors and executive officers will not be entitled to indemnification pursuant to the indemnification agreement:

| · | if the proceeding was one brought by us or in our right and the director or executive officer is adjudged to be liable to us;                                                                                                                                                                                                                                                                                                                                            |
| · | if the director or executive officer is adjudged to be liable on the basis that personal benefit was improperly received; or                                                                                                                                                                                                                                                                                                                                             |
| · | in any proceeding brought by the director or executive officer other than to enforce his or her rights under the indemnification agreement, and then only to the extent provided by the agreement and, except as may be expressly provided in our charter, our bylaws, a resolution of our board of directors or of our stockholders entitled to vote generally in the election of directors or an agreement to which we are a party approved by our board of directors. |

Notwithstanding the limitations
on indemnification described above, on application by a director or executive officer of our company to a court of appropriate jurisdiction,
the court may order indemnification of such director or executive officer if:

| · | the court determines the director or executive officer is entitled to indemnification as described in the following paragraph, in which case the director or executive officer shall be entitled to recover from us the expenses of securing such indemnification; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| · | the court determines that such director or executive officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director or executive officer (i) has met the standards of conduct set forth above or (ii) has been adjudged liable for receipt of an “improper personal benefit”; provided, however, that our indemnification obligations to such director or executive officer will be limited to the expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with any proceeding by or in the right of our company or in which the officer or director shall have been adjudged liable for receipt of an improper personal benefit. |

Notwithstanding, and without
limiting, any other provisions of the indemnification agreements, if a director or executive officer is a party or is threatened to be
made a party to any proceeding