Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 215

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 215
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 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 to the one-year minimum vesting requirement, in the discretion of the administrator. A participant cannot sell or dispose
of more than fifty percent of the shares acquired under an option before the earlier of the first anniversary of the date of the option
exercise or the date the participant is no longer employed by or providing services to us, or the Operating Partnership or our Manager.
Incentive stock options may only be granted under the BHM Individuals Plan to our employees and employees of our subsidiaries.

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The BHM Incentive Plans also
provide for the grant of stock awards. A stock award is an award of shares of our common stock that is subject to vesting requirements,
restrictions on transfer and other restrictions as the administrator determines in its sole discretion on the date of grant, including
the attainment of performance objectives. The restriction period generally will be at least one year, except in the event of the death
or disability of the holder or a change in control of the company,