Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 210

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 210
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 or our Manager.

The administrator may grant
other types of stock-based awards as other equity-based awards, including LTIP Units, under the BHM Incentive Plans. Other equity-based
awards are payable in cash, shares of our common stock or shares or units of such other equity, or a combination thereof, as determined
by the administrator. The terms and conditions of other equity-based awards are determined by the administrator, and will include a requirement
that performance objectives or other criteria be satisfied. Other equity-based awards 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 Incentive Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the discretion
of the administrator. In addition, a participant may not sell or dispose of more than fifty percent of the shares of our common stock
or other equity interests (including LTIP Units) covered by other equity-based awards before the earlier of the first anniversary of
the date that the shares or interests become vested or the date that the participant is no longer employed by or providing services to
us, or the Operating Partnership or our Manager.

LTIP Units are a special
class of partnership interest in our Operating Partnership. Each LTIP Unit awarded will be deemed equivalent to an award of one share
of the applicable common stock under the BHM Incentive Plans, reducing their aggregate share authorization for other awards on a one-for-one
basis. We will not receive a tax deduction for the value of any LTIP Units granted to participants. The vesting period for any LTIP Units,
if any, will be determined at the time of issuance. LTIP Units, whether vested or not, will receive the same per-unit distributions as
OP Units, which distributions will generally equal the per share distributions on shares of our common stock. This treatment with respect
to distributions is similar to the expected treatment of our stock awards, which will generally receive full dividends whether vested
or not. Initially, LTIP Units will not have full parity with OP Units with respect to liquidating distributions. Under the terms of the
LTIP Units, our Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the
Operating Partnership’s valuation from