What price per share was used for the ADAM tax withholding transaction?

The tax-related surrender of 5,827 Adamas Trust common shares was reported at $8.41 per share. This price is used on the Form 4 to calculate the value of shares withheld to meet the restricted stock vesting tax liability.

ADAM CEO surrenders 5,827 shares for tax withholding

Adamas Trust, Inc.'s Chief Executive Officer and director Jason T. Serrano reported a share withholding related to equity compensation.

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Rhea-AI Filing Summary

Adamas Trust, Inc.'s Chief Executive Officer and director Jason T. Serrano reported a share withholding related to equity compensation. On January 27, 2026, he surrendered 5,827 shares of common stock at $8.41 per share to cover taxes due on vesting of restricted stock granted under the company’s 2017 Equity Incentive Plan. After this tax-related transaction, he directly beneficially owned 389,714 shares of common stock.

Insider Trade Summary

Exercise Price or Tax Liability: 5,827 shares

Exercise Price or Tax Liability 1 txn

Insider Serrano Jason T

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock, par value $0.01 per share	5,827	$8.41	$49K

Holdings After Transaction: Common Stock, par value $0.01 per share — 389,714 shares (Direct)

Footnotes (1)

F1. Surrendered to satisfy tax liability incident to the vesting of shares of restricted stock issued pursuant to Adamas Trust, Inc.'s 2017 Equity Incentive Plan (as amended).

FAQ

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What insider transaction did ADAM CEO Jason T. Serrano report?

Jason T. Serrano reported surrendering 5,827 Adamas Trust common shares. The shares were withheld at $8.41 each to cover tax liabilities triggered by vesting of restricted stock under the 2017 Equity Incentive Plan.

Was the ADAM Form 4 transaction an open-market sale of shares?

No, the Form 4 shows a tax-related share surrender, coded “F.” Shares were given back to satisfy tax liability from vesting restricted stock, not sold in a discretionary open-market transaction by the Chief Executive Officer.

How many ADAM shares does Jason T. Serrano own after this transaction?

After the reported tax withholding, Jason T. Serrano directly beneficially owned 389,714 shares of Adamas Trust common stock. This figure reflects his holdings following surrender of 5,827 shares to satisfy the equity award tax obligation.

Which equity plan was involved in Jason T. Serrano’s ADAM Form 4 filing?

The transaction relates to Adamas Trust, Inc.’s 2017 Equity Incentive Plan, as amended. Shares were surrendered to cover taxes arising from the vesting of restricted stock that had been granted under this incentive compensation program.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 01/28/2026 - 05:08 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Serrano Jason T

(Last)

(First)

(Middle)

C/O ADAMAS TRUST, INC.

90 PARK AVENUE

(Street)

NEW YORK

10016

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ADAMAS TRUST, INC. [ ADAM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share	01/27/2026		F		5,827⁽¹⁾	D	$8.41	389,714	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Surrendered to satisfy tax liability incident to the vesting of shares of restricted stock issued pursuant to Adamas Trust, Inc.'s 2017 Equity Incentive Plan (as amended).

Remarks:

	/s/ Kristine R. Nario-Eng, as attorney-in-fact	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR