Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 101

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 101
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 have entered into an employment agreement with each of our NEOs, the definitions of Cause and Good Reason in each NEO’s employment agreement apply to such NEO’s restricted stock award agreements, PSU Agreements and RSU Agreements. As used in our PSU Agreements, Retirement has the definition set forth below.

• “Retirement” means an NEO’s voluntary resignation from the Company that occurs (a) on or after the completion of 10 or more full years of service with the Company (which need not be continuous) and (b) when the sum of the NEO’s age and years of service with the Company equals or exceeds 70 (in each case, measured in years and rounded down to the nearest whole number).

The Serrano Employment Agreement, Nario-Eng Employment Agreement, and Mah Employment Agreement (collectively, the “NEO Employment Agreements”) define certain terms as set forth below.

• “Cause” means a determination by a majority of the members of the Board of Directors (other than the NEO, if the NEO serves on the Board of Directors) that the NEO: (i) committed fraud or misappropriated, stole or embezzled funds or property from the Company or an affiliate of the Company or secured or attempted to secure personally any profit in connection with a transaction entered into on behalf of the Company or an affiliate of the Company, (ii) has been convicted of, or entered a plea of guilty or “nolo contendere” to, a felony which in the reasonable opinion of the Board of Directors brings the NEO into disrepute or is likely to cause harm to the Company’s (or any affiliate of the Company’s) business, reputation, financial condition or prospects, (iii) has failed to perform (other than by reason of illness or temporary disability) their duties under their respective NEO Employment Agreement and has not corrected their performance within 30 days after such NEO receives notice from the Board of Directors that such NEO is failing to perform their duties, (iv) has violated or breached any material law or regulation to the detriment of the Company or any affiliates of the Company or its business, or (v) has breached any of their duties or obligations under their respective NEO Employment Agreement where such breach causes or is reasonably likely to cause material harm to the Company. With respect to the Serrano Employment Agreement, the potential harm to the Company under clause (ii) and the detriment to the Company under clause (iv) must be material in order for Cause to arise. With respect to the Mah