Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 212

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 212
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 first to the holders
of LTIP Units to equalize the capital accounts of such holders with the capital accounts of holders of OP Units. Upon equalization of
the capital accounts of the holders of LTIP Units with the other holders of OP Units, the LTIP Units will achieve full parity with OP
Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP Units may be converted
into an equal number of OP Units at any time, and thereafter enjoy all the rights of OP Units, including redemption/exchange rights. However,
there are circumstances under which such parity would not be reached. Until and unless such parity is reached, the value that a holder
of LTIP Units will realize for a given number of vested LTIP Units will be less than the value of an equal number of shares of our common
stock.

<div align='center'>109</div>

The administrator may grant
dividend equivalent rights in connection with the grant of performance units, other equity-based awards and incentive awards granted under
the BHM Incentive Plans. Dividend equivalent rights may be paid currently or accrued as contingent cash obligations (in which case they
may be deemed to have been reinvested in shares of our common stock or otherwise reinvested) except that if the underlying award will
not vest solely on account of continued employment or service, any dividend equivalents will be accumulated and paid only when and to
the extent that the underlying award vests.

Change in Control

If we experience a change
in control, the administrator may, at its discretion, provide that outstanding awards that are not exercised prior to the change in control
will be assumed by the surviving entity, or will be replaced by a comparable substitute award of substantially equal value granted by
the surviving entity.

Any time-based awards so
assumed or replaced with substitute awards in connection with the Change in Control will vest in accordance with their original terms,
except that any such time-based awards or substitute awards granted under the BHM Individuals Plan automatically become vested in full
if (A) the holder’s employment or service with the company, the successor entity, or an affiliate thereof is terminated
(i) involuntarily without cause or following non-renewal of the holder’s employment agreement or services agreement, (ii) voluntarily
by the holder with good reason, or (iii) on account of the holder’s death or disability, and (B) the holder remained in
the continuous employ or service of the company, the