Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 217

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 217
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 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 Incentive Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the
discretion of the administrator. Performance units will be paid in cash, shares of our common stock, other equity-based awards (including
LTIP Units), other securities or property or a combination thereof. No more than fifty percent of the shares issued in settlement of
performance units may be sold or disposed of before the first anniversary of the date that the shares were issued or the date that the
participant is no longer employed by or providing services to us, or the Operating Partnership or our Manager.

The BHM Incentive Plans also
authorize us to make incentive awards. An incentive award entitles the participant to receive a payment if certain requirements are met.
The administrator will establish the requirements that must be met before an incentive award is earned and the requirements may be stated
with reference to one or more performance measures or criteria prescribed by the administrator. A