Document:

Exhibit 10.4

 

BLUEROCK HOMES
TRUST, INC.

EQUITY INCENTIVE PLAN FOR ENTITIES

Effective October 6, 2022

 

ARTICLE I

DEFINITIONS

 

		1.01	Affiliate

 

“Affiliate”
means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is controlled by, or is under
common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships). For
this purpose, the term “control” (including the correlative meanings of the terms “controlled by” and “under
common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes
of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct the management and policies
of such entity, by contract or otherwise.

 

		1.02	Agreement

 

“Agreement”
means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms and
conditions of a Stock Award, an award of Performance Units, an Incentive Award, an Option, SAR or Other Equity-Based Award (including
an LTIP Unit) granted to such Participant.

 

		1.03	Board

 

“Board”
means the Board of Directors of the Company.

 

		1.04	Change in Control

 

“Change in Control”
means and includes each of the following:

 

(a)            The
acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2) of
the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 30% of either (i) the
then outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares of Common Stock issuable upon
the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any similar right to acquire such
Common Stock (but excluding any OP Units) (the “Outstanding Company Common Stock”) or (ii) the combined voting power
of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change
in Control (i) any acquisition by the Company or any of its subsidiaries, (ii) any acquisition by a trustee or other fiduciary
holding the Company’s securities under an employee benefit plan sponsored or maintained by the Company or any of its Affiliates,
(iii) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the Company’s securities
pursuant to an offering of such securities or (iv) any acquisition by an entity owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of the then Outstanding Company Common Stock.

 

     

     

    

 

(b)            Individuals
who constitute Incumbent Directors at the beginning of any consecutive twelve month period, together with any new Incumbent Directors
who become members of the Board during such twelve month period, cease to be a majority of the Board at the end of such twelve month period.

 

(c)             The
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the
Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in
the transaction (a “Business Combination”), in each case, unless following such Business Combination:

 

(i)            the
individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business
Combination, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of members of the board of directors (or the analogous governing body) of the entity resulting
from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that directly or indirectly
has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or the analogous
governing body) of the Successor Entity (the “Parent Company”));

 

(ii)            no
Person (other than any employee benefit plan sponsored or maintained by the Successor Entity or the Parent Company) beneficially owns
(within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more than 50% of the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or the analogous
governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity); and

 

(iii)          at
least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no
Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Business Combination.

 

(d)            The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company.

 

In addition, if a Change in
Control (as defined in clauses (a) through (d) above) constitutes a payment event with respect to any Option, SAR, Stock Award,
Performance Unit, Incentive Award or Other Equity-Based Award that provides for the deferral of compensation and is subject to Section 409A
of the Code, no payment will be made under that award on account of a Change in Control unless the event described in subsection (a),
(b), (c) or (d) above, as applicable, constitutes a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5).

 

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		1.05	Code

 

“Code”
means the Internal Revenue Code of 1986, and any amendments thereto.

 

		1.06	Committee

 

“Committee”
means the Compensation Committee of the Board or such other committee of the Board as the Board may from time to time designate. Unless
otherwise determined by the Board, the Committee shall consist of two or more members of the Board, at least two of whom are intended
to qualify as “non-employee directors” as defined by Rule 16b-3 of the Exchange Act or any successor rule; provided,
however, that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the
time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter of the
Committee. If there is no Compensation Committee and the Board has not designated any other committee, then “Committee” means
the Board.

 

		1.07	Common Stock

 

“Common Stock”
means the Class A or Class C common stock of the Company.

 

		1.08	Company

 

“Company”
means Bluerock Homes Trust, Inc., a Maryland corporation.

 

		1.09	Control Change Date

 

“Control Change Date”
means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions, the “Control
Change Date” is the date of the last of such transactions on which the Change in Control occurs.

 

		1.10	Corresponding SAR

 

“Corresponding SAR”
means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender to the Company, unexercised,
of that portion of the Option to which the SAR relates.

 

		1.11	Dividend Equivalent Right

 

“Dividend Equivalent
Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive (or have
credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends declared on shares
of Common Stock with respect to specified Performance Units, an Other Equity-Based Award or Incentive Award of units denominated in shares
of Common Stock or other Company securities, as determined by the Committee, in its sole discretion. The Committee shall provide that
Dividend Equivalent Rights payable with respect to any such award that does not become nonforfeitable solely on the basis of continued
service shall be accumulated and distributed only when, and to the extent that, the underlying award is vested or earned. The Committee
may provide that Dividend Equivalent Rights (if any) shall be deemed to have been reinvested in additional shares of Common Stock or otherwise
reinvested.

 

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		1.12	Effective Date

 

“Effective Date”
means the Effective Date as set forth in Article XVIII.

 

		1.13	Exchange Act

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

		1.14	Fair Market Value

 

“Fair Market Value”
means, on any given date, the reported “closing” price of a share of Common Stock on the New York Stock Exchange for such
date or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock
on the last preceding date for which a quotation exists. If, on any given date, the Common Stock is not listed for trading on the New
York Stock Exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock on such other exchange
on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share of Common Stock on the date
in question, the closing price for a share of Common Stock on the last preceding date for which such quotation exists) or, if the Common
Stock is not listed on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance
with the regulations under Section 409A of the Code.

 

		1.15	Incentive Award

 

“Incentive Award”
means an award awarded under Article XI which, subject to the terms and conditions prescribed by the Committee, entitles the Participant
to receive a payment from the Company or an Affiliate of the Company.

 

		1.16	Incumbent Directors

 

“Incumbent Directors”
means individuals elected to the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person
is named as a nominee for Director without objection to such nomination) and whose election or nomination for election to the Board was
approved by a vote of at least two-thirds of the directors serving on the Board at the time of the election or nomination, as applicable,
shall be an Incumbent Director. No individual designated to serve as a director by a person who shall have entered into an agreement with
the Company to effect a transaction described in Section 1.04(a) or Section 1.04(c) and no individual initially elected
or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors shall be an
Incumbent Director.

 

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		1.17	Individuals Plan

 

“Individuals Plan”
means the Bluerock Homes Trust, Inc. Equity Incentive Plan for Individuals, effective as of the Effective Time, and as may be amended
from time to time.

 

		1.18	Initial Value

 

“Initial Value”
means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR granted independently
of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however,
that the price shall not be less than the Fair Market Value on the date of grant. Except as provided in Article XII, without the
approval of stockholders (a) the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant
or otherwise) and (b) no payment shall be made in cancellation of an SAR if, on the date of such amendment, cancellation, new grant
or payment the Initial Value exceeds Fair Market Value.

 

		1.19	LTIP Unit

 

“LTIP Unit”
means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP Unit granted under this
Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership agreement,
subject to the terms and conditions of the applicable Agreement and that partnership agreement.

 

		1.20	Manager

 

“Manager” means Bluerock
Homes Manager, LLC, a Delaware limited liability company.

 

		1.21	Offering

 

“Offering”
means the initial public offering of Common Stock registered under the Securities Act of 1933, as amended.

 

		1.22	OP Units

 

“OP Units”
means units of limited partnership interest of the Operating Partnership.

 

		1.23	Operating Partnership

 

“Operating Partnership”
means Bluerock Residential Holdings, L.P., a Delaware limited partnership and the Company’s operating partnership.

 

		1.24	Option

 

“Option”
means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price set
forth in an Agreement.

 

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		1.25	Other Equity-Based Award

  

“Other Equity-Based
Award” means any award other than an Incentive Award, an Option, an SAR, a Performance Unit award or a Stock Award which, subject
to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Stock or rights
or units valued in whole or in part by reference to, or otherwise based on, shares of Common Stock (including securities convertible into
Common Stock) or other equity interests, including LTIP Units.

 

		1.26	Participant

 

“Participant”
means any entity that provides services to the Company or an Affiliate of the Company (including an entity that provides services to the
Company or an Affiliate of the Company by virtue of its providing services to the Operating Partnership, an Affiliate of the Operating
Partnership or the Manager), and that satisfies the requirements of Article IV and is selected by the Committee to receive an award
of Performance Units or a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination thereof.

 

		1.27	Performance Award

 

“Performance Award”
means an Option, SAR, Stock Award, award of Performance Units, Incentive Award or Other Equity-Based Award (including an LTIP Unit)
that is not a Time-Based Award.

 

		1.28	Performance Units

 

“Performance Units”
means an award, in the amount determined by the Committee, stated with reference to a specified or determinable number of shares of Common
Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for each specified unit equal to the
value of an equal number of shares of Common Stock on the date of payment.

 

		1.29	Plan

 

“Plan”
means this Bluerock Homes Trust, Inc. Equity Incentive Plan for Entities, as set forth herein and as may be amended from time to
time.

 

		1.30	REIT

 

“REIT”
means a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

 

		1.31	SAR

 

“SAR” means
a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with respect to each share
of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the
Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently of Options, unless the
context requires otherwise.

 

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		1.32	Stock Award

 

“Stock Award”
means shares of Common Stock awarded to a Participant under Article VIII.

 

		1.33	Time-Based Award

 

“Time-Based Award”
means an Option, SAR, Stock Award, award of Performance Units, Incentive Award or Other Equity-Based Award (including an LTIP Unit)
that vests, is earned or becomes exercisable based solely on continued employment or service.

 

ARTICLE II

PURPOSES

 

This Plan is intended to assist
the Company and its Affiliates in securing and retaining the services of entities that provide services to the Company or an Affiliate
of the Company with ability and initiative by enabling such entities to participate in the future success of the Company and its Affiliates
and to associate their interests with those of the Company and its stockholders. This Plan is intended to permit the grant of Options,
SARs, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards in accordance with this Plan and any procedures
that may be established by the Committee.

 

ARTICLE III

ADMINISTRATION

 

This Plan shall be administered
by the Committee. The Committee shall have authority to grant SARs, Stock Awards, Performance Units, Incentive Awards, Options and
Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan), as the Committee may consider appropriate.
Such terms may include conditions (in addition to those contained in this Plan), on the exercisability of all or any part of an Option
or SAR or on the transferability or forfeitability of a Stock Award, an award of Performance Units, an Incentive Award or an Other Equity-Based
Award. Notwithstanding any such conditions, or any provision of the Plan, the Committee may, in its discretion, accelerate the time at
which any Option or SAR may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become transferable or nonforfeitable
or the time at which an Other Equity-Based Award, an Incentive Award or an award of Performance Units may be settled in connection with
an involuntary termination of service. Options, SARs, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards
(including LTIP Units) for up to five percent of the aggregate number of shares of Common Stock authorized for issuance under the Plan
pursuant to Section 5.02 may be granted or awarded by the Committee without regard to the minimum vesting requirements of Sections
6.06, 7.04, 8.02, 9.02, 10.02 and 11.02. In addition, the Committee shall have complete authority to interpret all provisions of this
Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration
of this Plan (including rules and regulations that require or allow Participants to defer the payment of benefits under this Plan);
and to make all other determinations necessary or advisable for the administration of this Plan.

 

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The Committee’s determinations
under this Plan (including without limitation, determinations of the entities to receive awards under this Plan, the form, amount and
timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and may be made by the Committee
selectively among entities who receive, or are eligible to receive, awards under this Plan, whether or not such entities are similarly
situated. The express grant in this Plan of any specific power to the Committee with respect to the administration or interpretation of
this Plan shall not be construed as limiting any power or authority of the Committee with respect to the administration or interpretation
of this Plan. Any decision made, or action taken, by the Committee in connection with the administration of this Plan shall be final and
conclusive. The members of the Committee shall not be liable for any act done in good faith with respect to this Plan or any Agreement,
Option, SAR, Incentive Award, Stock Award, Other Equity-Based Award or award of Performance Units. All expenses of administering
this Plan shall be borne by the Company.

 

ARTICLE IV

ELIGIBILITY

 

Any entity that provides significant
services to the Company or an Affiliate of the Company (including an entity that provides services to the Company or an Affiliate of the
Company by virtue of its providing services to the Operating Partnership, an Affiliate of the Operating Partnership or the Manager) is
eligible to participate in this Plan if the Committee, in its sole reasonable discretion, determines that the participation of such entity
is in the best interest of the Company.

 

ARTICLE V

COMMON SHARES SUBJECT TO PLAN

 

		5.01	Common Shares Issued

 

Upon the award of Common Stock
pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award of Performance Units, the Company
may deliver (and shall deliver if required under an Agreement) to the Participant shares of Common Stock from its authorized but unissued
Common Shares. Upon the exercise of any Option or SAR, the Company may deliver, to the Participant (or the Participant’s broker
if the Participant so directs), shares of Common Stock from its authorized but unissued Common Shares.

 

		5.02	Aggregate Limit

 

(a)     The
maximum aggregate number of shares of Common Stock that may be issued under this Plan (pursuant to Options and SARs, Stock Awards or
Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units granted on or after the Effective Date) together
with the number of shares of Common Stock issued under the Individuals Plan (pursuant to Options and SARs, Stock Awards or Other Equity-Based
Awards and the settlement of Incentive Awards and Performance Units granted under the Individuals Plan on or after the Effective Date)
is equal to 1,200,000 shares, plus a number of shares of Common Stock equal to the number of LTIP Units 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 that are outstanding as of the Effective Date. Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of Common Shares that may be issued
under this Plan and the Individuals Plan on a one-for-one basis, i.e., the grant of each LTIP Unit shall be treated as an award
of a share of applicable Common Stock.

 

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(b)            The
maximum number of shares of Common Stock that may be issued under this Plan and the Individuals Plan in accordance with Section 5.02(a) shall
be subject to adjustment as provided in Article XII.

 

		5.03	Reallocation of Shares

 

If, on or after the Effective
Date, any award or grant under this Plan or the Individuals Plan (including LTIP Units and awards or grants made before the Effective
Date) expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of
Common Stock, then any shares of Common Stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such
award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of other Options, SARs, Stock
Awards, Other Equity-Based Awards and settlement of Incentive Awards and Performance Units under this Plan or the Individuals Plan. Any
shares of Common Stock tendered or withheld on or after the Effective Date to satisfy the grant or exercise price or tax withholding obligation
pursuant to any award under this Plan or the Individuals Plan shall not be available for future grants or awards. If shares of Common
Stock are issued in settlement of an SAR granted under this Plan or the Individuals Plan, the number of shares of Common Stock available
under this Plan and the Individuals Plan shall be reduced by the number of shares of Common Stock for which the SAR was exercised rather
than the number of shares of Common Stock issued in settlement of the SAR. To the extent permitted by applicable law or the rules of
any exchange on which the Common Stock is listed for trading, shares of Common Stock issued in assumption of, or in substitution for,
any outstanding awards of any entity acquired in any form of combination by the Company or any Affiliate of the Company shall not reduce
the number of shares of Common Stock available for issuance under this Plan and the Individuals Plan.

 

ARTICLE VI

OPTIONS

 

		6.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom an Option is to be granted and will specify the number of shares
of Common Stock covered by such awards and the terms and conditions of such awards.

 

		6.02	Option Price

 

The price per share of Common
Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be less than the
Fair Market Value on the date the Option is granted. Except as provided in Article XII, without the approval of stockholders (a) the
price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) and
(b) no payment shall be made in cancellation of an Option if, on the date of such amendment, cancellation, replacement grant or payment
the Option Price exceeds Fair Market Value.

 

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		6.03	Maximum Option Period

 

The maximum period in which
an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable after
the expiration of ten years from the date such Option was granted. The terms of any Option may provide that it is exercisable for a period
less than such maximum period.

 

		6.04	Transferability

 

An Option granted under this
Plan may be transferred only in accordance with this Section 6.04. To the extent permitted by the Agreement relating to an Option,
an Option granted under this Plan may be transferred by a Participant but only to an Affiliate of the Participant or an individual who
is employed by or provides services to the Participant or an Affiliate of the Participant. The holder of an Option transferred pursuant
to this Section 6.04 shall be bound by the same terms and conditions that governed the Option during the period it was held by the
Participant. If an Option is transferred (by the Participant or the Participant’s transferee), such Option and any Corresponding
SAR must be transferred to the same person or persons or entity or entities.

 

		6.05	Service Provider Status

 

In the event that the terms
of any Option provide that it may be exercised only during continued service or within a specified period of time after termination of
continued service, the Committee may decide to what extent temporary interruptions of continuous service shall affect the Option.

 

		6.06	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times
and in compliance with such requirements as the Committee shall determine; provided, however, that (subject to the
provisions of Article III) no Option may become exercisable before the first anniversary of its grant or as provided in Section 15.01.
An Option granted under this Plan may be exercised with respect to any number of whole shares of Common Stock less than the full number
for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to
time in accordance with this Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the Option.
The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock
with respect to which the Option is exercised.

 

		6.07	Payment

 

Subject to rules established
by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash, certified
check, by tendering shares of Common Stock, by attestation of ownership of shares of Common Stock, by a broker-assisted cashless exercise
or in such other form or manner acceptable to the Committee. If shares of Common Stock are used to pay all or part of the Option price,
the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise) of the Common Stock so surrendered
or other consideration paid must not be less than the Option price of the shares for which the Option is being exercised.

 

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		6.08	Stockholder Rights

 

No Participant shall have
any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of such Option.

 

		6.09	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock acquired pursuant to the portion of an Option before the earlier of
(i) the first anniversary of the exercise of such portion of the Option or (ii) the date the Participant is no longer providing
services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

ARTICLE VII

SARS

 

		7.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom SARs are to be granted and will specify the number of shares
of Common Stock covered by such awards and the terms and conditions of such awards.

 

		7.02	Maximum SAR Period

 

The term of each SAR shall
be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten years from the date of grant.
The terms of any SAR may provide that it has a term that is less than such maximum period.

 

		7.03	Transferability

 

An SAR granted under this
Plan may be transferred only in accordance with this Section 7.03. To the extent permitted by the Agreement relating to an SAR, an
SAR granted under this Plan may be transferred by a Participant but only to an Affiliate of the Participant or an individual who is employed
by or provides services to the Participant or an Affiliate of the Participant. The holder of an SAR transferred pursuant to this Section 7.03
shall be bound by the same terms and conditions that governed the SAR during the period it was held by the Participant. If a Corresponding
SAR is transferred (by the Participant or the Participant’s transferee), such Corresponding SAR and the related Option must be transferred
to the same person or persons or entity or entities.

 

		7.04	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and
in compliance with such requirements as the Committee shall determine; provided, however, that (subject to the provisions
of Article III) no SAR may become exercisable before the first anniversary of its grant or as provided in Section 15.01. An
SAR granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could
be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with this Plan
and the applicable Agreement with respect to the remaining shares of Common Stock subject to the SAR. The exercise of a Corresponding
SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with respect to which
the SAR is exercised.

 

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		7.05	Service Provider Status

 

If the terms of any SAR provide
that it may be exercised only during continued service or within a specified period of time after termination of continued service, the
Committee may decide to what extent temporary interruptions of continuous service shall affect the SAR.

 

		7.06	Settlement

 

At the Committee’s discretion,
the amount payable as a result of the exercise of an SAR may be settled in cash, shares of Common Stock, or a combination of cash and
Common Stock. No fractional share of Common Stock will be deliverable upon the exercise of an SAR but a cash payment will be made in lieu
thereof.

 

		7.07	Stockholder Rights

 

No Participant shall, as a
result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate of the Company until the date that the SAR
is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock.

 

		7.08	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock acquired pursuant to the portion of an SAR before the earlier of (i) the
first anniversary of the exercise of such portion of the SAR or (ii) the date the Participant is no longer providing services to
the Company, an Affiliate of the Company, or the Operating Partnership.

 

ARTICLE VIII

STOCK AWARDS

 

		8.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom a Stock Award is to be made and will specify the number of shares
of Common Stock covered by such awards and the terms and conditions of such awards.

 

		8.02	Vesting

 

The Committee, on the date
of the award, shall prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period
of time or subject to such conditions as may be set forth in the Agreement. Subject to the provisions of Article III, the period
in which the shares of Common Stock covered by a Stock Award are forfeitable or otherwise restricted shall not end before the first anniversary
of the grant of the Stock Award or as provided in Section 15.01. By way of example and not of limitation, the Committee may prescribe
that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject to the attainment of objectives
stated with reference to the business of the Company or an Affiliate of the Company or a business unit’s attainment of objectives
stated with respect to performance criteria established by the Committee.

 

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		8.03	Service Provider Status

 

In the event that the terms
of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after completion of a specified period
of employment or continuous service, the Committee may decide in each case to what extent temporary interruptions of continuous service
shall affect the Stock Award.

 

		8.04	Stockholder Rights

 

Unless otherwise specified
in accordance with the applicable Agreement, while the shares of Common Stock granted pursuant to the Stock Award may be forfeited or
are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive
dividends and vote the shares of Common Stock; provided, however, that (i) dividends payable on shares of Common
Stock subject to a Stock Award that does not become nonforfeitable solely on the basis of continued service shall be accumulated and paid,
without interest, when and to the extent that the underlying Stock Award becomes nonforfeitable; (ii) a Participant may not
sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant to a Stock Award; and (iii) shares
of Common Stock granted pursuant to a Stock Award shall be evidenced in such manner as the Committee may deem appropriate, including book-entry
registration or issuance of one or more stock certificates and if any certificate is issued in respect of shares of Common Stock granted
pursuant to a Stock Award, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Stock Award substantially in the following form:

 

The transferability of this certificate
and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Bluerock Homes Trust, Inc.
Equity Incentive Plan for Individuals and an award agreement. Copies of such plan and award agreement are on file at the offices of Bluerock
Homes Trust, Inc.

 

		8.05	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock acquired under the portion of a Stock Award before the earlier of
(i) the first anniversary of the date that such portion became nonforfeitable and (ii) the date the Participant is no longer
providing services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

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ARTICLE IX

PERFORMANCE UNIT AWARDS

 

		9.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom an award of Performance Units is to be made and will specify
the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. The Committee also will specify
whether Dividend Equivalent Rights are granted in conjunction with the Performance Units.

 

		9.02	Earning the Award

 

The Committee, on the date
of the grant of an award, shall prescribe that the Performance Units will be earned, and the Participant will be entitled to receive payment
pursuant to the award of Performance Units, only upon the satisfaction of performance objectives or such other criteria as may be prescribed
by the Committee. Subject to the provisions of Article III, the period in which Performance Units will be earned shall not end before
the first anniversary of the grant of the Performance Units or as provided in Section 15.01.

 

		9.03	Payment

 

In the discretion of the Committee,
the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of shares of Common Stock, by
the grant of an Other Equity-Based Award (including LTIP Units), by the delivery of other securities or property or a combination thereof.
A fractional share of Common Stock shall not be deliverable when an award of Performance Units is earned, but a cash payment will be made
in lieu thereof. The amount payable when an award of Performance Units is earned shall be paid in a lump sum.

 

		9.04	Stockholder Rights

 

A Participant, as a result
of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to the extent that, the award
of Performance Units is earned and settled in shares of Common Stock. After an award of Performance Units is earned and settled in Common
Stock, a Participant will have all the rights of a stockholder of the Company.

 

		9.05	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any Performance Unit granted under this Plan to transfer such Performance Unit shall be set
forth in the Agreement relating to such grant.

 

		9.06	Service Provider Status

 

In the event that the terms
of any Performance Unit award provide that no payment will be made unless the Participant completes a stated period of continued service,
the Committee may decide to what extent temporary interruptions of continuous service shall effect the Performance Unit award.

 

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		9.07	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock issued in settlement of Performance Units before the earlier of (i) the
first anniversary of the date the shares were issued to the Participant or (ii) the date the Participant is no longer providing services
to the Company, an Affiliate of the Company, or the Operating Partnership.

 

ARTICLE X

OTHER EQUITY-BASED AWARDS

 

		10.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom an Other Equity-Based Award is to be made and will specify the
number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards and the terms and conditions
of such awards; provided, however, that the grant of LTIP Units must satisfy the requirements of the partnership agreement
of the Operating Partnership as in effect on the date of grant. The Committee also will specify whether Dividend Equivalent Rights are
granted in conjunction with the Other Equity-Based Award.

 

		10.02	Terms and Conditions

 

The Committee, at the time
an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions of an Other
Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable
or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion
and set forth in the Agreement. Subject to the Provisions of Article III, the period in which such award shall be forfeitable, nontransferable
or otherwise restricted shall not end before the first anniversary of the grant of the Other Equity-Based Award or as provided in Section 15.01.
Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under this Plan, and Other
Equity-Based Awards may be granted in the settlement of other Awards granted under this Plan.

 

		10.03	Payment or Settlement

 

Other Equity-Based Awards
valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in shares of Common Stock,
cash or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however,
that any shares of Common Stock that are issued on account of the conversion of LTIP Units into shares of Common Stock shall not be issued
under this Plan, i.e., the conversion shall not reduce the number of shares of Common Stock available for issuance under the Plan
or the Entities Plan. Other Equity-Based Awards denominated as equity interests other than shares of Common Stock may be paid or settled
in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion.

 

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		10.04	Service Provider Status

 

If the terms of any Other
Equity-Based Award provides that it may be earned or exercised only during continued service or within a specified period of time after
termination of continued service, the Committee may decide to what extent temporary interruptions of continuous service shall affect the
Other Equity-Based Award.

 

		10.05	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of an Other Equity-Based Award (including LTIP Units) granted under the Plan to transfer such
Other Equity-Based Award (including LTIP Units) shall be set forth in the Agreement relating to such grant.

 

		10.06	Stockholder Rights

 

A Participant, as a result
of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent that, the Other
Equity-Based Award is earned and settled in shares of Common Stock.

 

		10.07	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock or other equity interests (including LTIP units) covered by an Other
Equity-Based Award before the earlier of (i) the first anniversary of the date that such shares or interests become nonforfeitable
and (ii) the date the Participant is no longer providing services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

ARTICLE XI

INCENTIVE AWARDS

 

		11.01	Award

 

In accordance with the provisions
of Articles III and IV, the Committee will designate each entity to whom an Incentive Award is to be made and will specify the terms and
conditions of such award. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive
Award.

 

		11.02	Terms and Conditions

 

The Committee, at the time
an Incentive Award is made, shall specify the terms and conditions that govern the award. Such terms and conditions may prescribe that
the Incentive Award shall be earned only to the extent that the Participant, the Company or an Affiliate of the Company, during a performance
period of at least one year, achieves objectives stated with reference to one or more performance measures or criteria prescribed by the
Committee. A goal or objective may be expressed on an absolute basis or relative to the performance of one or more similarly situated
companies or a published index. When establishing goals and objectives, the Committee may exclude any or all special, unusual, and/or
extraordinary items as determined under U.S. generally accepted accounting principles including, without limitation, the charges or costs
associated with restructurings of the Company, discontinued operations, other unusual or non-recurring items, and the cumulative effects
of accounting changes. The Committee may also adjust the performance goals for any Incentive Award as it deems equitable in recognition
of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors
as the Committee may determine. Such terms and conditions also may include other limitations on the payment of Incentive Awards including,
by way of example and not of limitation, requirements that the Participant complete a specified period of service with the Company or
an Affiliate of the Company or that the Company, an Affiliate of the Company, or the Participant attain stated objectives or goals (in
addition to those prescribed in accordance with the preceding sentence) as a prerequisite to payment under an Incentive Award.

 

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		11.03	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of an Incentive Award granted under the Plan to transfer such Incentive Award shall be set forth
in the Agreement relating to such grant.

 

		11.04	Service Provider Status

 

If the terms of an Incentive
Award provide that a payment will be made thereunder only if the Participant completes a stated period of continued service, the Committee
may decide to what extent temporary interruptions of continuous service shall affect the Incentive Award.

 

		11.05	Settlement

 

An Incentive Award that is
earned shall be settled with a single lump sum payment which may be in cash, shares of Common Stock, an Other Equity-Based Award (including
LTIP Units) or a combination thereof, as determined by the Committee.

 

		11.06	Stockholder Rights

 

No Participant shall, as a
result of receiving an Incentive Award, have any rights as a stockholder of the Company or an Affiliate of the Company until the date
that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common
Stock.

 

		11.07	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock issued in settlement of an Incentive Award until the earlier of (i) the
first anniversary of the date the shares were issued to the Participant or (ii) the date the Participant is no longer providing services
to the Company, an Affiliate of the Company, or the Operating Partnership.

  

ARTICLE XII

ADJUSTMENT UPON CHANGE IN COMMON SHARES

 

The maximum number of shares
of Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be
granted under this Plan and the Entities Plan, and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance
Units and Other Equity-Based Awards granted under this Plan and the Entities Plan, shall be adjusted as the Board determines is equitably
required in the event that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its shareholders
such as a share dividend, extra-ordinary cash dividend, share split-up, subdivision or consolidation of Common Stock that affects the
number or kind of shares of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company
securities) and causes a change in the Fair Market Value of the shares of Common Stock subject to outstanding awards or (b) engages
in a transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the
Board necessitates such action. Any determination made under this Article XII by the Board shall be nondiscretionary, final and conclusive.

 

    -17-

     

    

  

The issuance by the Company
of any class of Common Stock, or securities convertible into any class of Common Stock, for cash or property, or for labor or services,
either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common Stock or obligations
of the Company convertible into such Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be
made with respect to, the maximum number of shares of Common Stock as to which Options, SARs, Performance Units, Incentive Awards,
Stock Awards and Other Equity-Based Awards may be granted under this Plan and the Entities Plan, or the terms of outstanding Stock Awards, Incentive
Awards, Options, SARs, Performance Units or Other Equity-Based Awards under this Plan and the Entities Plan.

 

The Committee may make Stock
Awards and may grant Options, SARs, Performance Units, Incentive Awards or Other Equity-Based Awards under this Plan and under the
Entities Plan in substitution for performance shares, phantom shares, share awards, stock options, share appreciation rights, or similar
awards held by an individual who becomes an employee of the Company or an Affiliate of the Company in connection with a transaction described
in the first paragraph of this Article XII. Notwithstanding any provision of this Plan and the Entities Plan, the terms of such substituted
Stock Awards, SARs, Other Equity-Based Awards, Options or Performance Units granted under this Plan or the Entities Plan shall be as the
Committee, in its discretion, determines is appropriate.

 

ARTICLE XIII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

 

No Option or SAR shall be
exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment shall be made
under this Plan except in compliance with all applicable federal, state and foreign laws and regulations (including, without limitation,
withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all stock exchanges on which
the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate
issued to represent Common Stock when a Stock Award is granted, a Performance Unit, Incentive Award or Other Equity-Based Award is
settled or for which an Option or SAR is exercised may bear such legends and statements as the Committee may deem advisable to assure
compliance with federal, state and foreign laws and regulations. No Option or SAR shall be exercisable, no Stock Award or Performance
Unit shall be granted, no Common Stock shall be issued, no certificate for Common Stock shall be delivered, and no payment shall be made
under this Plan until the Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having
jurisdiction over such matters.

 

    -18-

     

    

 

ARTICLE XIV

GENERAL PROVISIONS

 

		14.01	Effect on Service

 

Neither the adoption of this
Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any entity any right
to continue in the service of the Company or an Affiliate of the Company or in any way affect any right and power of the Company or an
Affiliate of the Company to terminate the service of any entity at any time with or without assigning a reason therefor.

 

		14.02	Unfunded Plan

 

This Plan, insofar as it provides
for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by grants
under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual
obligations that may be created pursuant to this Plan. No such obligation of the Company shall be deemed to be secured by any pledge of,
or other encumbrance on, any property of the Company.

 

		14.03	Rules of Construction

 

Headings are given to the
articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other
provision of law shall be construed to refer to any amendment to or successor of such provision of law.

 

All awards made under this
Plan are intended to comply with, or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after
giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall
be administered, interpreted and construed in a manner consistent with Section 409A. Nevertheless, the tax treatment of the benefits
provided under this Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors
or trustees, officers, employees or advisors shall be held liable for any taxes, interest, penalties or other monetary amounts owed by
any Participant or any other taxpayer as a result of the Plan or any Agreement. If any provision of this Plan or any Agreement is found
not to comply with, or otherwise not be exempt from, the provisions of Section 409A, it shall be modified and given effect, in the
sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to
be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each payment under an award granted under
this Plan shall be treated as a separate identified payment for purposes of Section 409A.

 

If a payment obligation under
an award or an Agreement arises on account of the Participant’s termination of service and such payment obligation constitutes “deferred
compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation
sections 1.409A-1(b)(3) through (b)(12)), it shall be payable only after the Participant’s “separation from service”
(as defined under Treasury Regulation section 1.409A-1(h)).

 

    -19-

     

    

 

		14.04	Withholding Taxes

 

Each Participant shall be
responsible for satisfying any income, employment and other tax withholding obligations attributable to participation in this Plan. Unless
otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in
settlement of an award of Performance Units, SARs or Other Equity-Based Award) or a cash equivalent acceptable to the Committee. Except
to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state, district, city or foreign
withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by
the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable
to the Participant upon the exercise of an Option or SAR, the settlement of a Performance Unit award, Incentive Award or an Other
Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method as may be approved by
the Committee. If shares of Common Stock are used to pay all or part of such withholding tax obligation, the Fair Market Value of the
Common Stock surrendered, withheld or reduced shall be determined as of the date of surrender, withholding or reduction and the number
of shares of Common Stock which may be withheld, surrendered or reduced shall be limited to the number of shares of Common Stock which
have a Fair Market Value on the date of withholding, surrender or reduction equal to the aggregate amount of such liabilities based on
the minimum statutory withholding rates for tax purposes that are applicable to such supplemental taxable income.

 

		14.05	REIT Status

 

This Plan shall be interpreted
and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with respect
to any award granted under this Plan, such award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting,
exercise or settlement could cause the Participant or any other person to be in violation of the share ownership limit or any other limitation
on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting,
exercise or settlement of the award could impair the Company’s status as a REIT.

 

		14.06	Elections Under Section 83(b)

 

No Participant may make an
election under Section 83(b) of the Code with respect to the grant of any award, the vesting of any award, the settlement of
any award or the issuance of Common Stock under the Plan without the consent of the Company, which the Company may grant or withhold in
its sole discretion.

 

		14.07	Return of Awards; Repayment

 

Each Option, SAR, Stock Award,
Performance Unit Award, Incentive Award and Other Equity-Based Award (including an LTIP Unit) granted under the Plan is subject to
the condition that the Company may require that such award be returned, and that any payment made with respect to such award must be repaid,
if (a) such action is required under the terms of any Company recoupment or “clawback” policy as in effect on the date
that the award was granted or (b) such award or payment made with respect to an award is, or in the future becomes, subject to any
law, rule, requirement or regulation which imposes mandatory recoupment or forfeiture, under circumstances set forth in such law, rule,
requirement or regulation; provided, however, that such clawback shall not be duplicative of any clawback required
under clause (a).

 

    -20-

     

    

 

ARTICLE XV

CHANGE IN CONTROL

 

		15.01	Time-Based Awards or Performance Awards Not Assumed

 

Each award (including a Time-Based
Award or a Performance Award) that is outstanding on a Control Change Date and that is not assumed or replaced with a substitute award
in accordance with Section 15.02 shall be fully vested, earned or exercisable as of the Control Change Date, provided that the performance
objectives in respect of a Performance Award shall be deemed to be achieved at (unless otherwise agreed in connection with the Change
in Control) the greater of (a) the applicable target level and (b) the level of achievement of the performance objectives for
the award as determined by the Committee taking into account performance through the latest date preceding the Control Change Date (but
not later than the end of the applicable performance period).

 

The Committee, in its discretion
and without the need of the consent of a Participant (or a Participant’s transferee of an award), may provide that a Time-Based
Award or a Performance Award that becomes vested, earned or exercisable under this Section 15.01 may be cancelled in exchange for
a payment. The payment may be in cash, Common Stock or other securities or consideration received by stockholders in the Change in Control
transaction. With respect to each Time-Based Award or Performance Award that becomes vested, earned or exercisable under this Section 15.01,
the payment shall be an amount that is substantially equal to (i) the amount by which the price per share received by stockholders
in the Change in Control for each share of Common Stock exceeds the option price or Initial Value in the case of an Option and SAR or
(ii) for each vested share of Common Stock subject to a Stock Award, Performance Unit or Other Equity-Based Award, the price per
share received by stockholders for Common Stock and (iii) the value of the other securities or property in which the Performance
Unit or Other Equity-Based Award is denominated and vested. Notwithstanding any contrary provision of this Section 15.01, if the
option price or Initial Value exceeds the price per share of Common Stock received by stockholders in the Change in Control transaction,
the Option or SAR may be cancelled without any payment to the Participant.

 

		15.02	Assumption of Time-Based Awards and Performance Awards

 

The Committee, in its discretion
and without the need of a Participant’s consent, may provide that a performance Award that is outstanding on the Control Change
Date shall be assumed by, or a substitute award granted by, the Successor Entity (or if applicable, the Parent Company) in the Change
in Control. Such assumed or substituted award shall be of the same type of award as the original Performance Award being assumed or replaced.
The assumed or substituted award shall have a value, as of the Control Change Date, that is substantially equal to the value of the original
Performance Award (or the difference between the Fair Market Value and the option price or Initial Value in the case of Options and SARs)
as the Committee determines is equitably required. The assumed or substituted award shall have the same vesting terms and conditions as
the original Performance Award being assumed or replaced; provided, however, that the performance objectives and measures
of the original Performance Award being assumed or replaced shall be adjusted as the Committee determines is equitably required.

 

    -21-

     

    

 

The Committee, in its discretion
and without the need of the consent of a Participant (or the Participant’s transferee of an award), may provide that a Time-Based
Award that is outstanding on the Control Change Date shall be assumed by, or a substitute award granted by, the Successor Entity (or,
if applicable, the Parent Company) in the Change in Control. Such assumed or substituted award shall be of the same type of award as the
original Time-Based Award being assumed or replaced. The assumed or substituted award shall have a value, as of the Control Change Date,
that is substantially equal to the value of the original Time-Based Award (or the difference between the Fair Market Value and the option
price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required. The assumed or substituted
award shall have the same vesting terms and conditions as the original Time-Based Award being assumed or replaced.

 

		15.03	Limitation of Benefits

 

The benefits that a Participant
may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other plans, agreements
and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”), may constitute
Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 15.03, the Parachute Payments will
be reduced pursuant to this Section 15.03 if, and only to the extent that, a reduction will allow a Participant to receive a greater
Net After Tax Amount than a Participant would receive absent a reduction.

 

The Accounting Firm will first
determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also will determine the Net After
Tax Amount attributable to the Participant’s total Parachute Payments.

 

The Accounting Firm will next
determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax under Code Section 4999
(the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped
Payments.

 

The Participant will receive
the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net After Tax Amount. If the Participant
will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under this
Plan or any other plan, agreement or arrangement that are not subject to Section 409A of the Code (with the source of the reduction
to be directed by the Participant) and then by reducing the amount of any benefits under this Plan or any other plan, agreement or arrangement
that are subject to Section 409A of the Code (with the source of the reduction to be directed by the Participant) in a manner that
results in the best economic benefit to the Participant (or, to the extent economically equivalent, in a pro rata manner). The Accounting
Firm will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and
will send the Participant and the Company a copy of its detailed calculations supporting that determination.

 

    -22-

     

    

 

As a result of the uncertainty
in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determinations under this Article XV,
it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under
this Section 15.03 (“Overpayments”), or that additional amounts should be paid or distributed to the Participant under
this Section 15.03 (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency
by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes has a high probability
of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant must repay the Overpayment
to the Company, without interest; provided, however, that no amount will be payable by the Participant to the Company
unless, and then only to the extent that, the repayment would either reduce the amount on which the Participant is subject to tax under
Code Section 4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon
controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and
the Company of that determination and the amount of that Underpayment will be paid, without interest, to the Participant promptly by the
Company.

 

For purposes of this Section 15.03,
the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately before the Control Change
Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of any Parachute Payments or
Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local income taxes
applicable to the Participant on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined
effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable,
in effect on the date of payment. For purposes of this Section 15.03, the term “Parachute Payment” means a payment that
is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or
proposed thereunder.

 

Notwithstanding any other
provision of this Section 15.03, this Section 15.03 shall not limit or otherwise supersede the provisions of any other agreement
or plan which provides that a Participant cannot receive Payments in excess of the Capped Payments.

 

ARTICLE XVI

AMENDMENT

 

The Board may amend or terminate
this Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants with respect
to outstanding awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if (a) such approval
is required by law or the rules of any exchange on which the Common Stock is listed, (b) the amendment would materially increase
the benefits accruing to Participants under this Plan, materially increase the aggregate number of shares of Common Stock that may be
issued under this Plan and the Entities Plan (except as provided in Article XII) or materially modify the requirements as to eligibility
for participation in this Plan or (c) other than in connection with an involuntary termination of service, the amendment would accelerate
the time at which any Option or SAR may be exercised, the time at which a Stock Award or Other Equity-Based Award may become transferable
or nonforfeitable or the time at which an Other Equity-Based Award, an Incentive Award or an award of Performance Units may be settled
or if the amendment would extend the term of this Plan. For the avoidance of doubt, without the approval of stockholders, the Board may
not (except pursuant to Article XII) (a) reduce the option price per share of an outstanding Option or the Initial Value of
an outstanding SAR, (b) cancel an outstanding Option or outstanding SAR when the option price or Initial Value, as applicable exceeds
the Fair Market Value or (c) take any other action with respect to an outstanding Option or an outstanding SAR that may be treated
as a repricing of the award under the rules and regulations of the principal exchange on which the Common Stock is listed for trading.

 

    -23-

     

    

  

ARTICLE XVII

DURATION OF PLAN

 

No Stock Award, Performance
Unit Award, Incentive Award, Option, SAR or Other Equity-Based Award may be granted under this Plan ten years after the Effective
Date. Stock Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards granted before such date shall remain valid in
accordance with their terms.

 

ARTICLE XVIII

EFFECTIVENESS OF PLAN

 

Options,
SARs, Stock Awards, Performance Unit Awards, Incentive Awards and Other Equity-Based Awards (including LTIP Units) may be granted
under this Plan on and after October 6, 2022 (the “Effective Date”).

 

    -24-Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(“Agreement”) is made and entered into as of October 6, 2022 (the “Effective Date”),
by and among Bluerock Homes Trust, Inc., a Maryland corporation (the “REIT,” which terms shall include any entity
controlled directly or indirectly by the REIT), Bluerock Residential Holdings, L.P., a Delaware limited partnership (the “Operating
Partnership”) and R. Ramin Kamfar, an individual (“Indemnitee”). The term “Company”
as used in this Agreement is intended to refer to both or either of the REIT and/or the Operating Partnership, as the context requires
so as to interpret the relevant provision in such a manner as to permit the broadest scope of allowable indemnification for Indemnitee
hereunder permitted by applicable law and regulations.

 

WHEREAS, at the request of
the REIT, Indemnitee currently serves or will serve as an officer and as a director of the REIT and may, therefore, be subjected to claims,
suits or proceedings arising as a result of such service; and

 

WHEREAS, as an inducement
to Indemnitee to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and
costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

 

WHEREAS, the parties by this
Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.              Definitions. For purposes of this Agreement:

 

(a)              
“Change in Control” means a change in control of the Company occurring after the Effective Date of a
nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if, after the Effective Date, (i) any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of
the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of
at least two-thirds of the members of the board of directors of the Company (the “Board of Directors”) in office
immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale
of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then
in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute
less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are
not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election
by the Company’s stockholders was approved or recommended (1) by the affirmative vote of at least two-thirds of the directors then
in office who were directors as of the Effective Date or (2) by a committee of the Board of Directors consisting of at least two-thirds
of the directors then in office who were directors as of the Effective Date or, in the case of clause (1) or (2), whose election or nomination
for election was previously so approved or recommended.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 1 -

     

    

 

(b)              “Corporate Status” means the status of a person as a present or former director, officer, employee or
agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other
foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification
and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be
deemed to be at the request of the Company (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust, or other enterprise
(A) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (B) the management
of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or
any of its affiliated entities, Indemnitee is subject to duties to, or required to perform services for, an employee benefit plan or its
participants or beneficiaries, including as a deemed fiduciary thereof.

 

(c)              “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

 

(d)              “Effective Date” means the date set forth in the first paragraph of this Agreement.

 

(e)              “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers,
court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing
and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as
a result of the actual or deemed receipt of any payments under this Agreement, Employee Retirement Income Security Act of 1974, as amended,
excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include
Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security
for and other costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent.

 

(f)               “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under
similar indemnification agreements); or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for
indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(g)              “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request, or any other actual, threatened
or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional
or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom,
except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.
If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall
also be considered a Proceeding.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 2 -

     

    

 

Section 2.             Services by Indemnitee. Indemnitee serves or will serve as an officer and as a director of the Company. However, this Agreement
shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement
shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section 3.             General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise
to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that
no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in
effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth
in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the
 “MGCL”), including, without limitation, Section 2-418 of the MGCL.

 

Section 4.             Standard for Indemnification. If, by reason of service in Indemnitee’s Corporate Status, Indemnitee is, or is threatened
to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid
in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such
Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding
and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper
personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe
that Indemnitee’s conduct was unlawful.

 

Section 5.             Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee
shall not be entitled to:

 

(a)              
indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication
of the Proceeding not subject to further appeal, to be liable to the Company;

 

(b)               indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to
be liable on the basis that personal benefit in money, property or services was improperly received in any Proceeding charging improper
personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate Status; or

 

(c)               indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee unless: (i) the Proceeding was brought
to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this
Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election
of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly
provide otherwise.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 3 -

     

    

 

Section 6.           
Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction,
upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the
following circumstances:

 

(a)             
if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b)             
if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable
for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court
shall deem proper, without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the
MGCL.

 

Section 7.           
Indemnification for Expenses of an Indemnitee Who is Wholly or Partly Successful. Notwithstanding any other provision of
this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of service in Indemnitee’s
Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise,
in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and, without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed
to be a successful result as to such claim, issue or matter.

 

Section 8.           
Advance of Expenses for an Indemnitee. If, by reason of service in Indemnitee’s Corporate Status, Indemnitee is, or
is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s
ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such
Proceeding. The Company shall make such advance or advances of incurred Expenses within ten (10) days after the receipt by the Company
of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding,
which advance may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses
directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or
(c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written
undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate
to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The
undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without
reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.

 

Section 9.            
Indemnification and Advance of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is or may be, by reason of service in Indemnitee’s Corporate Status, made a witness or otherwise asked
to participate in any Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee
shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection therewith within ten (10) days after the receipt by the Company of a statement or statements requesting any such advance
or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee
to provide an affirmation and undertaking substantially in the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of execution thereof.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 4 -

     

    

 

Section 10.           
Procedure for Determination of Entitlement to Indemnification.

 

(a)              To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine
whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time
and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such
request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that
Indemnitee has requested indemnification.

 

(b)              Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has
occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which
Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii)
of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Directors
by a majority vote of a quorum consisting of the Disinterested Directors or by a majority vote of a committee of the Board of Directors
consisting of one or more Disinterested Directors designated to act in the matter by a majority vote of the Disinterested Directors, (B)
if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved
by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board
of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the stockholders of
the Company, other than directors or officers who are parties to the Proceeding. If it is so determined that Indemnitee is entitled to
indemnification, the Company shall make payment to Indemnitee within ten (10) days after such determination. Indemnitee shall cooperate
with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination
in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless
therefrom.

 

(c)              The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.          
Presumptions and Effect of Certain Proceedings.

 

(a)              In making any determination with respect to entitlement to indemnification hereunder, the person or persons (including any court
having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this
Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company
shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.

 

(b)              The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon
a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

(c)              The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other
director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 5 -

     

    

 

Section 12.           
Remedies of Indemnitee.

 

(a)              If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or Section 9 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within thirty (30) days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or Section 9 of this
Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant
to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court
located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification
or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following
the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the
foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement.
Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)              In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to
indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that
Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding
or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section
8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which
all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from
asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all of the provisions of this Agreement.

 

(c)              If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent
a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

 

(d)              In the event that Indemnitee is successful, pursuant to this Section 12, in seeking a judicial adjudication of or an award in arbitration
to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover
from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in
such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled
to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with
such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)              Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and
Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Section
8 or Section 9 of this Agreement or the day after the date on which the Company was requested to make the determination of entitlement
to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee
by the Company.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 6 -

     

    

 

Section 13.          
Defense of the Underlying Proceeding.

 

(a)              Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment,
request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.
The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee,
to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or
to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company
is thereby actually so prejudiced.

 

(b)              Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right
to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify
Indemnitee of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding under Section
13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed,
consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise with respect to Indemnitee which (i)
includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or
(iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding
brought by Indemnitee under Section 12 of this Agreement.

 

(c)              Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of service in Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably
withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be
consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved
by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential
conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding
in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to
the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company. In addition,
if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person
takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee
the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of
the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

 

Section 14.          
Section 409A Compliance.

 

(a)              This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code (“Section 409A”)
and regulations promulgated thereunder. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section
409A or to the extent any provision in this Agreement must be modified to comply with Section 409A (including, without limitation, Treasury
Regulation 1.409A-3(c)), such provision shall be read, or shall be modified (with the mutual consent of the parties, which consent shall
not be unreasonably withheld), as the case may be, in such a manner so that all payments due under this Agreement shall comply with Section
409A. For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate payment. In no event may Indemnitee,
directly or indirectly, designate the calendar year of payment.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 7 -

     

    

 

(b)              
All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A,
including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Indemnitee’s lifetime (or
during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar
year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense
will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to
reimbursement is not subject to liquidation or exchange for another benefit.

 

Section 15.          
Non-Exclusivity; Survival of Rights; Subrogation.

 

(a)               
The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless
consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with
respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every
other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy
hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

(b)              
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 16.          
Insurance.

 

(a)               
The Company will use its reasonable best efforts to acquire and maintain directors and officers liability insurance, on terms and
conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
by reason of service in Indemnitee’s Corporate Status. In the event of a Change in Control, the Company shall maintain in force
any and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the Change in
Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the
Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced,
a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to
obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or
better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required
to expend in the aggregate in excess of 300% of the annual premium or premiums paid by the Company for directors and officers liability
insurance in effect on the date of the Change in Control. In the event that 300% of the annual premium paid by the Company for such existing
directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such
lesser coverage as may be obtained with such amount.

 

(b)              
Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by
Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of
any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding
over the coverage of any insurance referred to in Section 15(a) hereof. The purchase, establishment and maintenance of any such insurance
shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided
herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights
or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding
to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the
respective policies.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

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(c)               
Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 

Section 17.         
Coordination of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

 

Section 18.          
Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to
Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of
Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee,
shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts
paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the
Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee

 

Section 19.          
Reports to Stockholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders the
payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding
by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment
of any such indemnification or advance of Expenses or prior to such meeting.

 

Section 20.          
Joint and Several Liability. The REIT and the Operating Partnership each agree to be held jointly and severally liable for
their obligations under this Agreement.

 

Section 21.          
Duration of Agreement; Binding Effect.

 

(a)              
This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a
director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company and (ii) the date that Indemnitee is or may no longer be subject to any actual or possible Proceeding (including any rights
of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

(b)              
The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased
to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

(c)              
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 9 -

     

    

 

(d)              
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties
hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be
precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such
specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions,
without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of
a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a
bond or undertaking.

 

Section 22.          
Severability. If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void,
illegal or otherwise unenforceable that is not itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected
or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed
reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and
(c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not
itself invalid, void, illegal or otherwise unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 23.          
Identical Counterparts. This Agreement may be executed in one or more counterparts (delivery of which may be by facsimile
or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and it
will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart.
One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 24.          
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

 

Section 25.          
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing
waiver.

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 10 -

     

    

 

Section 26.          
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have
been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed
on the day of such delivery, (ii) delivered by Federal Express or other nationally recognized overnight delivery service, on the first
business day after the date on which it is deposited, or (iii) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed:

 

(a)               
If to Indemnitee, to the address set forth on the signature page hereto.

 

(b)              
If to the Company, to:

 

1345 Avenue of the Americas, 32nd Floor

New York, New York 10105

Attn: R. Ramin Kamfar

 

or to such other address as may have been furnished in writing to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.

 

Section 27.           Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland,
without regard to its conflicts of laws rules.

 

Section 28.          
Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 11 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

 

	 	REIT: 
	 	 
	 	
    BLUEROCK HOMES TRUST, INC.,

    a Maryland corporation

	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	 Jordan Ruddy
	 	Title:	President

 

	 	OPERATING PARTNERSHIP:
	 	 	 	 
	 	
    BLUEROCK RESIDENTIAL HOLDINGS, L.P.,

    a Delaware limited partnership

	 	 	 	 
	 	By:	Bluerock Homes Trust, Inc., a Maryland corporation
	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/ Jordan Ruddy
	 	 	Name:	Jordan Ruddy
	 	 	Title:	President

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 12 -

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

 

	 	INDEMNITEE:
	 	 
	 	/s/ R. Ramin Kamfar
	 	R. Ramin Kamfar, an individual
	 	 
	 	Address:  	1345 Avenue of the Americas 32nd Floor 
	 	 	New York, New York 10105

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    - 13 -

     

    

 

EXHIBIT A

 

FORM OF AFFIRMATION
AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The Board of Directors of Bluerock Homes Trust, Inc.

 

Re: Affirmation and Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This affirmation and undertaking
is being provided pursuant to that certain Indemnification Agreement dated [DATE], 20 by and between Bluerock Homes Trust, Inc.,
a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).

 

Terms used herein and not
otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding
by reason of service in my Corporate Status. I hereby affirm my good faith belief that at all times, insofar as I was involved as [a
director and/or an officer] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad
faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in
the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of the advance
by the Company of Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree
that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise
to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (2) I actually received
an improper personal benefit in money, property or services, or (3) in the case of any criminal proceeding, I had reasonable cause to
believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims,
issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved
as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue
or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis.

 

IN WITNESS WHEREOF, I have
executed this Affirmation and Undertaking on this ___ day of ____________________, 20____.

 

		 	 

 

Indemnification Agreement – Ramin Kamfar

 BHM

 

    Exhibit A

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