Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 289

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 289
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 constitute, or are converted into or exchanged for, a majority         
 of the common stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving        
 effect to such transaction, and (2) expressly excluding any such transaction preceded by our company’s acquisition of                        
 the capital stock of another company for cash, securities or other property, whether directly or indirectly through one of our subsidiaries, 
 as a precursor to such transaction; or                                                                                                       |

| · | Continuing Directors cease to constitute       
 at least a majority of our board of directors. |

For purposes of the Series B
Redeemable Preferred Stock, “Continuing Director” means a director who either was a member of our board of directors on October 6,
2022 or becomes a member of our board of directors subsequent to that date and whose appointment, election or nomination for election
by our stockholders was duly approved by a majority of the Continuing Directors on our board of directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by our company on behalf of our board of directors in which such
individual is named as nominee for director.

Series B Safeguard Policy.Our board of directors has adopted the Series B Redeemable Preferred Stock Redemption Safeguard Policy (the “Series B
Safeguard Policy”) with respect to our Series B Redeemable Preferred Stock. The Series B Safeguard Policy is applicable
in the event of any redemption of shares of Series B Redeemable Preferred Stock in shares of our Class A common stock rather
than in cash (each, a “Series B Preferred Redemption in Common Stock”). The Series B Safeguard Policy provides
that if, within 10 business days of any such Series B Preferred Redemption in Common Stock, any such shares of Class A common
stock are sold at a loss (i.e. a lower price than the Series B Aggregate Redemption Value), the holder can apply to us for a cash
payment to the holder in an amount equal to the difference between (i) the Series B Aggregate Redemption Value of the Class A
common stock so issued, and (ii) the Series B Aggregate Sale Price at which such shares of Class A common stock were sold,
subject to certain conditions and requirements as set forth in the Series B Safeguard Policy. The Series B Safeguard Policy
applies both retroactively, and on a go-forward basis, to holders of our Series B Redeemable Preferred Stock.

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