Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 58

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 58
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ization), direct competition and industry relevance are the most key considerations in establishing a peer group and that significant turnover in a peer group from year to year may make measurement and management of an executive compensation program less effective.

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Consideration of Prior "Say-on-Pay" Votes

Although our executive compensation program has historically received a high level of stockholder support, including the support of 95% of shares voted in 2024, at our 2023 Annual Meeting of Stockholders, our 2023 Say-on-Pay Proposal was approved by just 62% of shares voted. As described in more detail above, this reduced level of support prompted our Board of Directors and the Compensation Committee to closely re-evaluate the program’s use of positive discretion in 2022 and other compensation features highlighted by proxy advisory firms in connection with our 2023 Annual Meeting and increase our efforts relating to stockholder outreach, with a focus on hearing detailed and specific feedback from stockholders about the executive compensation-related concerns that drove their “Say-on-Pay” voting decisions. The level of support in 2023 was considered by the Compensation Committee in its determination to not utilize positive discretion in 2023 under our 2023 Annual Incentive Plan and its decision making with respect to the structure of our 2024 executive compensation program, including the adjustment of certain terms of our 2024 PSU awards and elimination of the availability and use of positive discretion under our 2024 Annual Incentive Plan. The strong level of support for our 2024 Say-on-Pay Proposal was considered by the Compensation Committee in its decision making with respect to the structure of our compensation program for 2025. For additional information regarding the Compensation Committee's response and the actions it undertook with respect to the 2023 Say-on-Pay Proposal, please refer to "—Stockholder Engagement and Say-on-Pay" above.

Executive Compensation Program Components for 2024

Similar to 2023, our 2024 executive compensation program was comprised of three separate and primary elements, including base salary, annual incentive compensation (in the form of the 2024 Annual Incentive Plan) and long-term equity incentive awards (in the form of the 2024 Long-Term EIP). In developing our executive compensation program for 2024, the Compensation Committee considered (i) market practices among our peer group, (ii) our existing compensation structure and its effectiveness, (iii) internal pay equity, (iv) the retention of key employees of