Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 208

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 208
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 payment in cash, shares of our common stock or a combination of the two. The amount that
the participant will receive upon exercise of the stock appreciation right generally will equal the excess of the fair market value of
the shares of our common stock on the date of exercise over the shares’ fair market value on the date of grant. Stock appreciation
rights will become exercisable in accordance with terms determined by the administrator but generally will not become exercisable before
the first anniversary of the 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 our 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. A participant cannot sell or dispose of more than fifty percent of the shares acquired under a stock appreciation
right before the earlier of the first anniversary of the date the stock appreciation right is exercised or the date the participant is
no longer employed by or providing services to us, or the Operating Partnership or our Manager. Stock appreciation rights may be granted
in tandem with an option grant or as independent grants. The term of a stock appreciation right cannot exceed ten years from the date
of grant or five years in the case of a stock appreciation right granted under the BHM Individuals Plan in tandem with an incentive stock
option awarded to an individual who is a “ten percent stockholder.”

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The BHM Incentive Plans
also authorize the grant of performance units. Performance units represent the participant’s right to receive an amount, based
on the value of a specified number of shares of our common stock, if performance goals or other requirements established by the administrator
are met. The administrator will determine the applicable performance period, the performance goals and such other conditions that apply
to the performance unit. If the performance goals are met, payment will be made with respect to the performance units. Performance units
will become earned or vested in accordance with terms determined by the administrator, but generally will not become earned or vested
before the first anniversary of their 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 our common stock authorized
for issuance under the BHM In