Mah Nicholas 4

What Happened
Nicholas Mah, President of Adamas Trust, Inc. (ADAM), received a grant of 127,321 restricted stock units (RSUs) on January 22, 2026. The Form 4 reports the award at $0 per share because these are derivative RSUs (not an open-market purchase); the RSUs convert 1-for-1 into Adamas common shares upon vesting and include dividend equivalent rights.

Key Details

• Transaction date: 2026-01-22; Transaction type: A (award/grant) of 127,321 RSUs; price reported: $0.00 (derivative award).
• Vesting: 1/3 of the RSUs vest on each of Jan 1, 2027; Jan 1, 2028; and Jan 1, 2029 (per footnote).
• Dividend equivalents: RSUs were granted with a corresponding dividend equivalent right payable in cash or stock upon vesting.
• Shares owned after transaction: not specified in the information provided.
• Filing date: Form filed 2026-01-26 reporting the Jan 22 transaction. (No late-filing indicator was provided in the data supplied.)

Context
RSU grants are a common form of time-based compensation and are not the same as an open-market purchase (so they’re not a direct “vote of confidence” via buying stock). The reported $0 price reflects that these are contingent rights to future shares; the economic value to the holder depends on Adamas’s stock price when each tranche vests or when they convert to shares. Monitor future Form 4s around vesting dates for any subsequent sales or transfers.