Cheng Gena 4

What Happened
Cheng Gena, a director of Adamas Trust, Inc. (ADAM), was granted 14,238 deferred stock units (DSUs) on June 19, 2026. The Form 4 reports the units at $0.00 (no cash paid); the DSUs are derivative awards that may be settled one-for-one for common shares. This is a compensation award to a director, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-19; Form 4 filed 2026-06-23 (filed timely).
• Transaction code/type: A = Award/Grant; 14,238 DSUs at $0.00 (derivative units).
• Vesting and settlement: DSUs vest on the day immediately before the issuer’s annual meeting in the calendar year following the grant, contingent on continued service. The reporting person elected to defer settlement until a Change in Control.
• Shares owned after transaction: Not specified in the filing.
• Footnote summary: DSUs convert one-for-one into common stock when settled; settlement deferred per the award election.

Context: DSUs are similar to restricted stock units—a form of director compensation that defers share delivery. Because settlement is deferred until a change in control, this grant does not result in immediate share issuance or sale and should be viewed as routine compensation rather than a direct market signal.