Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 100

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 100
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 RSUs that had been approved by the Compensation Committee and the Board of Directors. Under the 2017 Plan, each RSU represents an unfunded promise to receive one share of the Company's common stock upon satisfaction of the vesting provisions. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The requisite service period for RSUs at issuance is three years and the RSUs vest ratably over the requisite service period.The RSUs include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the RSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the RSU to which such DER relates. Upon vesting of the RSUs, the DERs will also vest. DERs will be forfeited upon forfeiture of the corresponding RSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. The DERs that vested during the nine months ended September 30, 2025 and 2024 were settled in cash.A summary of the activity of the RSU awards under the 2017 Plan for the nine months ended September 30, 2025 and 2024, respectively, is presented below:20252024Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Non-vested RSUs as of January 1450,600 $9.59 351,974 $11.65 Granted1,042,229 5.91 256,389 8.53 Vested(198,297)10.24 (157,763)12.45 Forfeited(110,062)6.17 — — Non-vested RSUs as of September 301,184,470 $6.56 450,600 $9.59 (1)The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date.During the nine months ended September 30, 2025, 198,297 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.2 million on the vesting date