Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 60

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 60
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 with current income for achieving corporate financial and individual performance criteria during 2024.

Pursuant to the 2024 Annual Incentive Plan, our NEOs had the opportunity to earn annual incentive compensation upon achieving certain corporate financial goals, which we refer to as the "Quantitative Component," as well as individual goals that reflect their direct contributions to our progress on a range of non-financial organizational matters, which we refer to as the "Qualitative Component." The 2024 Annual Incentive Plan was designed to primarily constitute performance-based incentive compensation, with a significant majority of all awards granted thereunder (i.e., 75%) subject to financial metrics under the Quantitative Component. The Qualitative Component under our 2024 Annual Incentive Plan focused on an NEO’s contributions during 2024 to strategic objectives considered important to our mission, values, and longer-term strategic goal of creating stockholder value and delivering long-term stable distributions to our stockholders over changing economic conditions, including leadership, employee retention, progress towards portfolio and financing objectives, various corporate initiatives and efforts relating to risk management and capital preservation, among others. The Compensation Committee set the 75%/25% weighting between quantitative and qualitative components starting back in 2020 based in large part on the recommendation of Pearl Meyer, which then found that most of our peer group capped the weighting of their applicable qualitative components at 25% or higher of the total annual incentive award opportunity for similarly situated employees.

The Compensation Committee generally reviews target bonus levels annually towards the beginning of the new fiscal year to ensure that target levels are appropriate and market competitive. Each NEO’s target for annual incentive compensation, set forth in the table below, is determined based on an evaluation of many of the same factors used in setting base salaries as well as peer company data.

| Named Executive Officer |     | 2023 Target Bonus |           |     | 2024 Target Bonus |           |
|:------------------------|:----|:------------------|----------:|:----|:------------------|----------:|
| Jason T. Serrano        |     | $                 | 2,187,500 |     | $                 | 2,187,500 |
| Nicholas Mah            |     | $                 | 1,562,500 |     | $                 | 1,712,500 |
| Kristine R. Nario-Eng   |     | $                 |   675,000 |     | $                 |   708,750 |

Following a review