Norcutt Steven G 4

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.