Clement Michael B. 4

What Happened
Michael B. Clement, a director of Adamas Trust, had 18,678 deferred stock units (DSUs) vest and be converted into 18,678 shares of common stock on June 10, 2026. The filing shows an acquisition of 18,678 shares (conversion of the derivative) and a matching disposition of 18,678 derivative units at $0.00 — indicating the DSUs were settled into common shares rather than sold for cash.

Key Details

• Transaction date: June 10, 2026; Form 4 filed June 12, 2026 (appears timely — Form 4 is due within two business days).
• Reported entries: Acquired 18,678 shares (conversion/exercise of derivative, code M) and disposed of 18,678 derivative units at $0.00.
• Cash/price: $0.00 reported on the derivative disposition line — no cash purchase or sale of shares.
• Footnote: These were DSUs granted on June 12, 2025 that vested on June 10, 2026 under the 2017 Equity Incentive Plan.
• Shares owned after the transaction: Not specified in the provided filing excerpt.

Context
This was a conversion/settlement of previously granted deferred stock units into common shares — not an open‑market purchase or sale. Such DSU conversions are routine compensation events for directors and do not by themselves signal a buy or sell opinion about the stock. Transaction code M denotes an exercise or conversion of a derivative security.