If acute disease is severe, the following can develop: Superficial flame-shaped hemorrhages Small, white, superficial foci of retinal ischemia (cotton-wool spots) Yellow hard exudates Optic disk edema Hypertensive Retinopathy Hypertensive Retinopathy (Moderate) Moderate hypertensive retinopathy is characterized by thinned, straight arteries, intraretinal hemorrhages, and yellow hard exudates.