Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 206

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 206
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 are not available for future grants under the BHM
Incentive Plans. If shares of common stock are issued upon the exercise of a stock appreciation right, the number of shares available
for future awards under the BHM Incentive Plans shall be reduced by the number of shares for which the stock appreciation right was exercised
rather than the number of shares issued to the participant.

Awards Under the BHM Incentive Plans

The BHM Individuals Plan
authorizes the grant of incentive stock options (under Section 422 of the Code) and both the BHM Individuals Plan and the BHM Entities
Plan authorize the grant of options that do not qualify as incentive stock options. The exercise price of each option will be determined
by the administrator, provided that the price cannot be less than 100% of the fair market value of the shares of our common stock on
the date on which the option is granted (or 110% of the shares’ fair market value on the grant date in the case of an incentive
stock option granted to an individual who is a “ten percent stockholder” under Sections 422 and 424 of the Code). Except
for adjustments to equitably reflect stock splits, stock dividends or similar events, the exercise price of an outstanding option may
not be reduced and no payment may be made to cancel an “underwater” option without the approval of our stockholders. The
exercise price for any option is generally payable (i) in cash, (ii) by certified check, (iii) by the surrender of shares
of our common stock (or attestation of ownership of shares of our common stock) with an aggregate fair market value on the date on which
the option is exercised, equal to the exercise price, or (iv) by payment through a broker in accordance with procedures established
by the Federal Reserve Board. The term of an option cannot exceed ten years from the date of grant (or five years in the case of an incentive
stock option granted to an individual who is a “ten percent stockholder”). The administrator will prescribe when an option
will become exercisable, but options generally will not become exercisable before the first anniversary of its 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 common stock authorized for issuance under the BHM Incentive Plans may be granted or awarded
without regard