Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 69

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 69
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 our NEOs are as follows:

| Named Executive Officer |     | Target Number of 2024 PSUs |     | 2024 RSUs |
| Jason T. Serrano        |     |                    184,642 |     |   123,095 |
| Nicholas Mah            |     |                    144,549 |     |    96,366 |
| Kristine R. Nario-Eng   |     |                     55,393 |     |    36,928 |

The Compensation Committee determined to set the payouts under the 2024 PSUs consistent with the minimum, target and maximum payouts under the 2024 Annual Incentive Plan, such that each of our NEOs could earn between 0% and 200% of his or her target award opportunity upon achievement of the respective performance hurdles in the PSU Agreement. The NEO’s right to receive settlement of the 2024 PSUs in amounts ranging from 0% to 200% of the target number of 2024 PSUs will vest and become earned and non-forfeitable based on the attainment of relative TSR hurdles, which include both share price appreciation and reinvestment of common stock dividends paid during the performance period that commenced on January 1, 2024 and runs through December 31, 2026 as measured against an identified performance peer group of 18 mortgage REITs (including us). The Compensation Committee has determined that TSR is the most appropriate method to measure management’s longer-term performance relative to our peers and helps to further align our management team's interests with those of our stockholders.

Pursuant to the PSU Agreement, an awardee will be entitled to 50%, 100% and 200% of the target 2024 PSUs upon achievement of relative TSR at the 25th, 55th and 75th, respectively, percentile ranking among the identified performance peer group, which is consistent with the relative Adjusted TER hurdles under our 2024 Annual Incentive Plan. The 2024 PSU Agreement caps the total number of target PSUs that become earned at 100% of the target number of PSUs in the event that our TSR for the relevant performance period is negative (regardless of the level of performance relative to our TSR performance goal). TSR for the Company and each member of the identified performance peer group will be determined by dividing (i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share volume