If your system is powered on, it will ask you to power off the system.
Go back and attempt to 'upload' the BIOS file again in Step 2, it will 'Upload Firmware' for about 2-3 minutes, getting stuck at 70% for a majority of it.
Once 'Upload Firmware' completes, and you regain screen activity and see 'FW Update Mode' graphic displaying in the bottom-left, it will also prompt 'Step 3' to 'Update'; displaying both your 'Existing' and 'New' Version.
It takes about a minute at 0%, then it will progress all the way to 100% in 4-5 minutes, system will power back on near 100% and will stay on 100% for about 2-3 minutes until it kicks you off IPMI to re-login.
At this login screen below, it looks odd, because it is. It might state 'invalid username/password' on the first time, and redirect you to the 'normal' looking login screen again.
Successfully updated BIOS Firmware Version.