Norcutt Steven G 4

4 · ADAMAS TRUST, INC. · Filed Jun 23, 2026

AI-generated summary of this filing

Updated Jun 23, 2026

Adamas Trust (ADAM) Director Steven Norcutt Receives Deferred Stock Award

What Happened

Steven G. Norcutt, a director of Adamas Trust, was granted 14,238 deferred stock units (DSUs) on June 19, 2026. The award is recorded at $0.00 (no cash paid). These DSUs are derivative awards that may be settled one-for-one for shares of ADAM common stock.

Key Details

Transaction date and price: 2026-06-19 — Grant of 14,238 DSUs; reported acquisition price $0.00 (derivative award).
Shares owned after transaction: Not specified in the provided filing.
Footnote (F1): DSUs vest on the day immediately preceding the issuer’s annual meeting in the calendar year following the grant, subject to continued service. Per the reporting person’s election, settlement of vested DSUs is deferred until a Change in Control as defined in the plan.
Filing timeliness: Report filed 2026-06-23; appears timely (filed within the standard two business days after the transaction).

Context

DSUs are deferred-equity awards (not an open-market purchase or sale). They give the holder a right to receive shares later (one-for-one) and do not represent immediate cash value until settlement. Director awards of this kind are common as compensation and do not by themselves indicate buying or selling sentiment.

Form 4

Period: 2026-06-19

Director

Transactions

Award
Deferred Stock Units
[F1]
2026-06-19+14,238→ 51,378 total
Exercise: $0.00→ Common Stock, par value $0.01 per share (14,238 underlying)

Footnotes (1)

[F1]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).

Signature

/s/ Kristine R. Nario-Eng, as attorney-in-fact|2026-06-23

1 file