Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 214

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 214
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 BHM Incentive Plans, and (ii) 2,397,109 shares subject to awards granted under the Bluerock Residential Growth
REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Individuals and the Bluerock Residential Growth REIT, Inc. Amended
and Restated 2014 Equity Incentive Plan for Entities (together, the “Prior Plans”) that may become available for issuance
or reissuance, as applicable, under the BHM Incentive Plans if such awards are forfeited, canceled or otherwise terminated (other than
by exercise).

In connection with stock
splits, dividends, recapitalizations and certain other events, our board of directors will make equitable adjustments that it deems appropriate
in the aggregate number of shares of our common stock that may be issued under the BHM Incentive Plans, the individual grant limit for
Nonemployee Directors described below, and the terms of outstanding awards.

If any options or stock appreciation
rights terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised or are paid in cash without
delivery of common stock or if any stock awards, performance units or other equity-based awards are forfeited, the shares of our common
stock subject to such awards will again be available for purposes of the BHM Incentive Plans. Shares of our common stock tendered or
withheld to satisfy the exercise price of an award or for tax withholding 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