Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 68

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 68
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IP unchanged, although target long-term equity incentive compensation for Mr. Mah and Ms. Nario-Eng moved higher in 2024 solely due to the increase in their base salaries for 2024. Under the 2024 Long-Term EIP, total compensation at target performance equals $2,625,000, $2,055,000 and $787,500 for Mr. Serrano, Mr. Mah and Ms. Nario-Eng, respectively, and is comprised 60% of 2024 PSUs and 40% of 2024 RSUs. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Stock Plan.

The design and framework of the 2024 Long-Term EIP is substantially in the form of the 2023 Long-Term EIP except that, as noted above, in response to our engagement with our stockholders and the commentary published by proxy advisory firms relating to the 2023 Say-on-Pay Proposal, the Compensation Committee deemed it appropriate to modify the 2024 PSUs to (i) cap the number of target PSUs that can be earned by an awardee at 100% of the target number of PSUs when our TSR for the relevant performance period is negative (regardless of the level of performance relative to our identified performance peer group) and (ii) raise the level of achievement threshold at which 100% of the target PSUs become earned from the 50th percentile relative to our identified performance peer group to the 55th percentile relative to our identified performance peer group. We implemented these changes with the 2024 PSU Agreement in order to enhance the alignment of our executive officers’ compensation with our own financial performance, incentivize performance above the median performance of our peer group, and limit compensation in periods of declining financial performance, as applicable.

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The 2024 PSU awards are subject to performance-based vesting under the 2017 Stock Plan pursuant to a form of PSU award agreement approved by the Compensation Committee and our Board of Directors (the “PSU Agreement”) in April 2024. The 2024 RSU awards are subject to time-based vesting under the 2017 Stock Plan pursuant to the form of RSU award agreement approved by the Compensation Committee and our Board of Directors (the “RSU Agreement”) in April 2024. The target number of 2024 PSUs and the number of 2024 RSUs subject to the awards granted to