Board member Audrey Greenberg awarded 14,238 DSUs at Adamas (ADAM)

Rhea-AI Filing Summary

Greenberg Audrey reported acquisition or exercise transactions in this Form 4 filing.

ADAMAS TRUST, INC. director Audrey Greenberg received an award of 14,238 deferred stock units (DSUs) as director compensation. These DSUs are granted under the Adamas Trust, Inc. 2017 Equity Incentive Plan and can be settled one-for-one into shares of common stock.

The DSUs will vest on the day immediately before the company’s next annual stockholders’ meeting held in the following calendar year, provided she continues serving the company. Settlement of vested DSUs is deferred until a change in control or the third anniversary of the grant. Following this grant, she holds 51,378 DSUs.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Greenberg Audrey

Role null

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	14,238	$0.00	--

Holdings After Transaction: Deferred Stock Units — 51,378 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Deferred stock units granted: 14,238 units DSUs after transaction: 51,378 units Settlement ratio: 1 DSU = 1 share +2 more

5 metrics

Deferred stock units granted 14,238 units Award of DSUs to director on grant date

DSUs after transaction 51,378 units Total deferred stock units held following grant

Settlement ratio 1 DSU = 1 share Each DSU may be settled for one common share

Vesting timing Preceding next annual meeting Vests the day before the next year’s annual stockholders’ meeting

Deferral period Until change in control or 3rd anniversary Settlement deferred per the award election and terms

Key Terms

Deferred Stock Units, 2017 Equity Incentive Plan, change in control, annual meeting of stockholders

4 terms

Deferred Stock Units financial

"Represents an award of deferred stock units ("DSUs") granted to the Reporting Person"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

2017 Equity Incentive Plan financial

"granted to the Reporting Person pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan"

change in control financial

"settlement of the vested DSUs has been deferred until the earliest to occur of the date of a change in control"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

annual meeting of stockholders financial

"vest on the day immediately preceding the date of the Issuer's annual meeting of stockholders"

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Form 4 Insider Transactions: What Each Field Means →

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^*

Greenberg Audrey

(Last) (First) (Middle)

C/O ADAMAS TRUST, INC.

90 PARK AVENUE

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/19/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	$0(1)	06/19/2026		A		14,238		(1)	(1)	Common Stock, par value $0.01 per share	14,238	$0	51,378	D

Explanation of Responses:

1. Represents an award of deferred stock units ("DSUs") granted to the Reporting Person pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended from time to time, that may be settled only for shares of common stock on a one-for-one basis. The DSUs will vest on the day immediately preceding the date of the Issuer's annual meeting of stockholders that occurs in the calendar year immediately following the calendar year in which the date of grant occurs, so long as the Reporting Person continuously provides services to the Issuer through such vesting date. Pursuant to the Reporting Person's election under the award agreement, settlement of the vested DSUs has been deferred until the earliest to occur of the date of a change in control or the date that is the third anniversary of the date of grant.

Remarks:

	/s/ Kristine R. Nario-Eng, as attorney-in-fact	06/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did the latest Form 4 for ADAM report about Audrey Greenberg?

The Form 4 reports that director Audrey Greenberg received 14,238 deferred stock units from Adamas Trust, Inc. as an equity award. These units are part of the 2017 Equity Incentive Plan and will convert into common shares after vesting and deferred settlement conditions are met.

How many deferred stock units did Audrey Greenberg receive from Adamas Trust (ADAM)?

Audrey Greenberg was granted 14,238 deferred stock units by Adamas Trust, Inc. under its 2017 Equity Incentive Plan. Each unit can convert into one share of common stock after vesting and deferred settlement. After this award, she directly holds a total of 51,378 DSUs.

When do Audrey Greenberg’s Adamas (ADAM) deferred stock units vest?

The deferred stock units vest on the day immediately preceding Adamas Trust’s annual meeting of stockholders held in the calendar year after the grant year. Vesting requires that Audrey Greenberg continuously provides services to the company through that date, linking the award to ongoing board service.

When will Audrey Greenberg’s Adamas deferred stock units be settled into common stock?

Settlement of the vested deferred stock units is deferred until the earliest of a change in control of Adamas Trust or the third anniversary of the grant date. At settlement, each DSU converts into one share of common stock, delivering the equity value at that later event.

What is a deferred stock unit (DSU) in the Adamas Trust (ADAM) filing?

A deferred stock unit is a right to receive a share of Adamas Trust common stock at a future date. In this filing, DSUs vest after a specified service period and are then settled later, either upon a change in control or on the third anniversary of the grant date.