ADAMAS TRUST (NASDAQ: ADAM) director receives 14,238 deferred stock units award

Rhea-AI Filing Summary

Norcutt Steven G reported acquisition or exercise transactions in this Form 4 filing.

ADAMAS TRUST, INC. director Steven G. Norcutt received a grant of deferred stock units as equity compensation. He was awarded 14,238 deferred stock units that may be settled one-for-one in common shares. These units vest immediately before the issuer’s next annual stockholder meeting in the following calendar year, provided he continues serving the company until that date. After this grant, he holds 51,378 deferred stock units in total. Settlement of the vested units has been deferred until the date of a Change in Control, as defined in the company’s 2017 Equity Incentive Plan.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Norcutt Steven G

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 Deferred stock units after grant: 51,378 units Transaction price per unit: $0.00 per unit +1 more

4 metrics

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

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

Transaction price per unit $0.00 per unit Compensation grant, not open-market purchase

Underlying common shares 14,238 shares Common stock issuable one-for-one upon settlement

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

"pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended"

Change in Control financial

"settlement of the vested DSUs has been deferred until 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^*

Norcutt Steven G

(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 (the "Plan"), 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 date of a Change in Control (as defined in the Plan).

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 insider transaction did ADAM director Steven G. Norcutt report?

Director Steven G. Norcutt reported receiving 14,238 deferred stock units as equity compensation. These units are tied to ADAM common stock and increase his total deferred stock unit holdings to 51,378, aligning his interests more closely with long-term shareholder value.

How many deferred stock units does Steven G. Norcutt now hold in ADAM?

Following the latest award, Steven G. Norcutt holds 51,378 deferred stock units. Each unit is linked to one share of ADAM common stock, giving him a sizable equity-based interest that vests and settles under the company’s specified plan rules.

When do Steven G. Norcutt’s new ADAM deferred stock units vest?

The 14,238 newly granted deferred stock units vest the day immediately before ADAM’s next annual stockholder meeting in the following calendar year. Vesting requires that Norcutt continuously provide services to the company through that date under the plan terms.

How are the ADAM deferred stock units from this grant settled?

The deferred stock units may be settled only in ADAM common stock on a one-for-one basis. Under Norcutt’s election, settlement of the vested units is deferred until a Change in Control occurs, as defined in the company’s 2017 Equity Incentive Plan.

Is Steven G. Norcutt’s ADAM transaction an open-market stock purchase or sale?

The transaction is a grant of 14,238 deferred stock units, not an open-market trade. It is classified as a compensation-related award, with no cash price per unit, and follows the vesting and settlement conditions of ADAM’s 2017 Equity Incentive Plan.

What plan governs Steven G. Norcutt’s new ADAM deferred stock unit award?

The award was granted under the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended. This plan sets the terms for vesting, the one-for-one stock settlement feature, and the Change in Control condition that triggers settlement of the vested deferred stock units.