Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 93

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 93
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 substantially similar to the 2023 PSU Agreement except that the 2024 PSU Agreement (i) capped the number of target 2024 PSUs that can be earned by an awardee at 100% of the target number of 2024 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) raised the level of achievement threshold at which 100% of the target 2024 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. The 2025 PSU Award Agreement is substantially similar to the 2024 PSU Agreement

Pursuant to these PSU Agreements, except as set forth below or as otherwise provided in an employment agreement between the awardee and us or as otherwise determined by the Compensation Committee, upon any termination of an awardee’s employment or service relationship with us or our affiliates for any reason prior to the end of the performance period, any unearned PSUs will terminate automatically without any further action by us:

• if an NEO’s employment with the Company is terminated due to the NEO’s Retirement (as defined in such PSU Agreements) prior to the end of the performance period, the target PSUs will be reduced on a pro-rata basis to reflect (x) the number of days in which the NEO was employed from the date of grant through the date of the NEO’s retirement, divided by (y) the number of days in the performance period. In this case, the prorated number of target PSUs will remain outstanding and eligible to vest and become earned PSUs to the extent to which the Company satisfies the performance goal set forth in the applicable PSU Agreement, which will be determined by the Compensation Committee in its sole discretion following the end of the performance period (while any PSUs under these agreements that do not become earned PSUs shall be automatically forfeited); and

• upon a change in control of our Company, the performance period will end on the date of the change in control and the Compensation Committee will determine the number of PSUs under those agreements that are eligible to be earned to the extent that the performance goal has been satisfied through the date of the change in control (the “Eligible CIC PSUs”). In this case, the number of Eligible CIC PSUs will vest and become earned if the NEO remains employed through the requisite service period for the award