Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 92

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 92
---
 period.The RSUs include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the RSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the RSU to which such DER relates. Upon vesting of the RSUs, the DERs will also vest. DERs will be forfeited upon forfeiture of the corresponding RSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. The DERs that vested during the six months ended June 30, 2025 and 2024 were settled in cash.A summary of the activity of the RSU awards under the 2017 Plan for the six months ended June 30, 2025 and 2024, respectively, is presented below:20252024Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Non-vested RSUs as of January 1450,600 $9.59 351,974 $11.65 Granted1,042,229 5.91 256,389 8.53 Vested(198,297)10.24 (157,763)12.45 Forfeited(97,880)6.20 — — Non-vested RSUs as of June 301,196,652 $6.56 450,600 $9.59 (1)The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date.During the six months ended June 30, 2025, 198,297 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.2 million on the vesting date. During the six months ended June 30, 2024, 157,763 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.3 million on the vesting date. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of June 30, 2025 and 2024, there was $6.3 million and