Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 347

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part II, Item 2
Chunk 347
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 of Contents

Base Salary: Pursuant to the Employment Agreements, each of the executives has the annualized base salary approved for such executive in early 2025 by the Compensation Committee of the Board of Directors (the “Compensation Committee”) or the Board of Directors (as applicable), subject to future increases at the discretion of the Compensation Committee or the Board of Directors.

Annual Short-Term Incentive Awards: Each executive is eligible to earn annual incentive bonuses based on the level of achievement of specified performance measures set by the Compensation Committee. No later than March 31 of each fiscal year during the term of each Employment Agreement, the Compensation Committee will adopt an annual incentive plan (the “Bonus Plan”), which will set forth the performance criteria for the fiscal year. If the applicable executive or the Company, as the case may be, satisfies the performance criteria contained in the Bonus Plan for a fiscal year, such executive shall receive an annual incentive bonus in an amount pursuant to such Bonus Plan or as determined by the Compensation Committee, as applicable, and subject to ratification by the Board of Directors, if required.

Long-Term Incentive Awards: Each executive is eligible to participate in the Company's 2017 Equity Incentive Plan, as amended from time to time (together with any successor plans thereto, the “Stock Incentive Plan”). Under the Stock Incentive Plan, each executive is eligible to receive equity-based awards of the Company. The Compensation Committee shall approve any such awards made to an executive pursuant to the Stock Incentive Plan and each award shall be governed by the terms and conditions of the Stock Incentive Plan and the applicable award agreement. 

Termination/Severance: If an executive’s employment is terminated by the Company without Cause or due to Non-Renewal, or is terminated by an executive for Good Reason (as each such term is defined in the applicable Employment Agreement), such executive would be entitled to the following (subject to satisfaction of the release requirements set forth in the applicable Employment Agreement): (a) an amount equal to the product of (i) two, multiplied by (ii) the sum of (A) such executive’s annual base salary at the time of such termination, plus (B) the target annual incentive bonus for the fiscal year in which the date of termination occurs (or, if such executive’s target annual incentive bonus for the fiscal year in which the date of termination occurs has not been approved by the Compensation Committee or the Board of Directors, as applicable,