ADAMAS TRUST, INC. — Call Transcript 2026

Morning and welcome to the 2026 Annual Meeting of Stockholders of Adamas Trust, Inc. I am Steven Mumma, Chairman of the Board of Directors of the company, and I will act as chairman of this meeting. We're holding this meeting virtually again this year because we believe the virtual format allows us to be more inclusive and reach a greater number of our stockholders. We have stockholders and certain invited guests attending via the web portal. In keeping with the digital approach to this year's meeting, it is now shortly after 9:00 A.M. Eastern Time on June 11th, and this meeting is officially called to order. If you wish to vote at this meeting and have not yet done so, the polls are open, and you may vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026 before the polls are closed. You will need the 16-digit control number included in your proxy card, voting instruction form, or notice and access card. If you wish to vote at this meeting, I encourage you to access the web portal now and submit your vote. Polls will remain open until immediately after any discussions on today's proposals. A quorum of the 89,861,108 shares entitled to vote at this meeting as of April 17th, 2026, the record date, are represented today either in person or by proxy. Kristine Nario-Eng, Chief Financial Officer and Secretary of the company, will act as Secretary and Inspector of Election for this meeting. Kristine has subscribed and filed her oaths of office for purposes of this meeting. The Secretary of this meeting has presented the following documents. First, certified list of holders of common stock of the company as of close of business on April 17th, 2026, the record date, for determining stockholders entitled to notice and vote at this meeting. This list has been prepared by Equiniti Trust Company, LLC, the company's transfer agent. Second, an affidavit signed by the employee of Broadridge Financial Solutions, Inc. as to the mailing on or about April 24th, 2026, of a notice regarding the availability of proxy materials with respect to the electronic availability of, one, the company's annual report on Form 10-K for the fiscal year end of December 31st, 2025. Two, a notice of the annual meeting. Three, the company's proxy statement dated April 24th, 2026. Copies of these materials are attached as exhibits to the affidavit. Secretary will file these materials with the minutes of this meeting. As the Secretary has reported the existence of a quorum, we will proceed with the business of this meeting. First, I am pleased to introduce to you other directors of our company who are present with us today. Eugenia Cheng, who is a current director of our company and the managing director of Prospect Avenue Partners. Michael Clement is a current director of our company and retired Professor of Accounting from the University of Texas at Austin. Audrey Greenberg is a current director of our company and venture partner at the Mayo Clinic. Stephen Norcutt is a current director of our company and the President of Schafer Richardson Inc. Lisa Pendergast is a current director of our company and the President and Chief Executive Officer of the Commercial Real Estate Finance Council. Jason Serrano is a current director of our company and the Chief Executive Officer of our company. Also present today is Nicholas Mah, our President. We have also invited our independent registered public accounting firm, Grant Thornton LLP, to attend this meeting virtually. Michael Cairns is online today to represent Grant Thornton, and is available to respond to appropriate questions raised by stockholders attending this meeting and making a statement if desired. In addition, Chris Green is in attendance today from Vinson & Elkins LLP, our corporate counsel. In order to ensure the orderly conduct of business of this meeting, we have adopted the order of business set forth in agenda available on this meeting website. The business portion of this meeting will consist of two parts. First, the formalities necessary to establish the validity of this meeting, and second, the meeting's formal business. The only formal items of this business on the agenda for today's meeting are, one, the election of seven directors named in the company's proxy statement filed with the SEC to serve on the company's board until the 2027 Annual Meeting of Stockholders, or until their successors are duly elected and qualified. Two, to hold an advisory vote on named executive compensation. Three, the approval of the amendment of the company's 2017 Equity Incentive Plan. Four, the ratification of the appointment of Grant Thornton as the company's independent registered public accounting firm for the 2026 fiscal year. The company has not received notice from any stockholders as required under its bylaws and applicable securities laws of any other matter to consider in today's meeting. Therefore, no other proposals may be properly introduced by stockholders. Following the business portion of this meeting, we will provide for a question and answer session. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question and abide by the rules of conduct. Though we may not be able to answer every question, we will do our best to provide a response to as many questions as possible. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. First item of business on the agenda for this meeting is the proposal for the election of seven nominees named in the company's proxy statement to serve on the board of directors of the company for a term of one year. The nominees to serve on the board of directors of the company as described in the company's proxy statement dated April 24th, 2026 are myself, Steven Mumma, Eugenia Cheng, Michael Clement, Audrey Greenberg, Steven Norcutt, Lisa Pendergast, Jason Serrano. Each of these individuals currently serve as the director of the company. No other director nominees have been proposed. Next on the agenda for this meeting is a proposal to approve on an advisory basis the compensation of the company's named executive officers as disclosed under the compensation disclosure rules of the SEC, including the compensation discussion and analysis, compensation tables, and narrative discussion contained in the company's proxy statement, dated April 24th, 2026. Although this vote is advisory and is not binding, the board of directors and compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. Next on the agenda for this meeting is a proposal to approve the adoption of the third amendment to the company's 2017 Equity Incentive Plan. As disclosed in the company's proxy statement dated April 24th, 2026, the third amendment will, among other things, increase the number of shares of our common stock that may be issued under an extended duration of the plan. The third amendment will not be implemented unless approved by the stockholders. If the third amendment is not approved by the stockholders, the company's 2017 Equity Incentive Plan will remain in effect in its present form and will continue to grant awards thereunder until the share reserve under the company's 2017 Equity Incentive Plan is exhausted or the plan's term expires. Next on the agenda for this meeting is a proposal to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year. The company has approved the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year, subject to the approval of such appointment by the stockholders of the company. If the stockholders fail to ratify such appointment, the company will reconsider whether or not to retain that firm, but is not prevented from doing so. Matters set forth in the notice of this meeting to be voted on are now properly before the meeting. Let's proceed with the voting on the four proposals. For the election of directors, because this is considered an uncontested election under our bylaws, a nominee for the director is elected to our board of directors if he or she receives a majority of votes cast for this election, meaning the number of votes voted on for such nominee election exceeds the number of votes against such nominee's election. With respect to the advisory vote on the named executive compensation, the affirmative vote of a majority of votes cast on this matter at this meeting is necessary for the approval of the advisory vote on the company's named executive officer compensation. As the vote regarding named executive compensation is advisory and not binding, the board of directors and the compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. With respect to the approval of the amendment of the company's 2017 Equity Incentive Plan, the affirmative vote of a majority of the votes cast on these matters at this meeting is necessary for approval of the amendment of the company's 2017 Equity Incentive Plan. Affirmative vote of the majority of the votes cast on this ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31st, 2026 at this meeting is necessary for the ratification of Grant Thornton LLP as our independent registered public accounting firm for such fiscal year. I ask each stakeholder who plans to vote at this meeting to please vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026. If you submitted a proxy prior to the meeting, you do not need to do anything at this time. It is now 9:10 A.M. I now declare the polls closed. Based on the tabulation submitted by the inspector of election, a majority of the votes cast for the election of the company's nominees of the director of the company have voted for the election of such nominee. Consequently, each of the seven nominees has been elected to our board of directors to serve for a one-year term. In addition, a majority of all votes cast have voted to, one, approve compensation of the company's named executive officers. Two, approve an amendment to the 2017 Equity Incentive Plan. Three, to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for 2026 fiscal year. A report of the exact same vote will be filed with the records of the meeting and included in the current Form 10-K to be filed with the company. Following the conclusion of the business portion of this meeting, we will continue with a question and answer session. I am aware of no other business that should be brought forward through this meeting, accordingly, adjourn this meeting. Now, we would like to open things up for stockholders' questions being entered today on the web portal. We will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. Seeing no questions, I would like to thank all of you for attending this meeting. I would also like to express my appreciation to all of the stockholders who submitted their proxies but were not able to be present online. This concludes the 2026 annual meeting of stockholders. Thank you all for your attendance here this morning. This now concludes the meeting. Thank you for joining, and have a pleasant day.

Speaker 1: Morning and welcome to the 2026 Annual Meeting of Stockholders of Adamas Trust, Inc. I am Steven Mumma, Chairman of the Board of Directors of the company, and I will act as chairman of this meeting. We're holding this meeting virtually again this year because we believe the virtual format allows us to be more inclusive and reach a greater number of our stockholders. We have stockholders and certain invited guests attending via the web portal. In keeping with the digital approach to this year's meeting, it is now shortly after 9:00 A.M. Eastern Time on June 11th, and this meeting is officially called to order. If you wish to vote at this meeting and have not yet done so, the polls are open, and you may vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026 before the polls are closed. Morning and welcome to the 2026 Annual Meeting of Stockholders of Adamas Trust, Inc. I am Steven Mumma, Chairman of the Board of Directors of the company, and I will act as chairman of this meeting. morning and welcome to the 2026 annual meeting of stockholders of adamas trust inc i am steven mumma chairman of the board of directors of the company and i will act as chairman of this meeting We're holding this meeting virtually again this year because we believe the virtual format allows us to be more inclusive and reach a greater number of our stockholders. we're holding this meeting virtually again this year because we believe the virtual format allows us to be more inclusive and reach a greater number of our stockholders We have stockholders and certain invited guests attending via the web portal. we have stockholders and certain invited guests attending via the web portal In keeping with the digital approach to this year's meeting, it is now shortly after 9:00 A.M. in keeping with the digital approach to this year's meeting it is now shortly after 9:00 a.m Eastern Time on June 11th, and this meeting is officially called to order. eastern time on june 11th and this meeting is officially called to order If you wish to vote at this meeting and have not yet done so, the polls are open, and you may vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026 before the polls are closed. if you wish to vote at this meeting and have not yet done so the polls are open and you may vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026 before the polls are closed You will need the 16-digit control number included in your proxy card, voting instruction form, or notice and access card. If you wish to vote at this meeting, I encourage you to access the web portal now and submit your vote. Polls will remain open until immediately after any discussions on today's proposals. A quorum of the 89,861,108 shares entitled to vote at this meeting as of April 17th, 2026, the record date, are represented today either in person or by proxy. Kristine Nario-Eng, Chief Financial Officer and Secretary of the company, will act as Secretary and Inspector of Election for this meeting. Kristine has subscribed and filed her oaths of office for purposes of this meeting. The Secretary of this meeting has presented the following documents. You will need the 16-digit control number included in your proxy card, voting instruction form, or notice and access card. you will need the 16-digit control number included in your proxy card voting instruction form or notice and access card If you wish to vote at this meeting, I encourage you to access the web portal now and submit your vote. if you wish to vote at this meeting i encourage you to access the web portal now and submit your vote Polls will remain open until immediately after any discussions on today's proposals. polls will remain open until immediately after any discussions on today's proposals A quorum of the 89,861,108 shares entitled to vote at this meeting as of April 17th, 2026, the record date, are represented today either in person or by proxy. a quorum of the 89,861,108 shares entitled to vote at this meeting as of april 17th 2026 the record date are represented today either in person or by proxy Kristine Nario-Eng, Chief Financial Officer and Secretary of the company, will act as Secretary and Inspector of Election for this meeting. kristine nario-eng chief financial officer and secretary of the company will act as secretary and inspector of election for this meeting Kristine has subscribed and filed her oaths of office for purposes of this meeting. kristine has subscribed and filed her oaths of office for purposes of this meeting The Secretary of this meeting has presented the following documents. the secretary of this meeting has presented the following documents First, certified list of holders of common stock of the company as of close of business on April 17th, 2026, the record date, for determining stockholders entitled to notice and vote at this meeting. This list has been prepared by Equiniti Trust Company, LLC, the company's transfer agent. Second, an affidavit signed by the employee of Broadridge Financial Solutions, Inc. as to the mailing on or about April 24th, 2026, of a notice regarding the availability of proxy materials with respect to the electronic availability of, one, the company's annual report on Form 10-K for the fiscal year end of December 31st, 2025. Two, a notice of the annual meeting. Three, the company's proxy statement dated April 24th, 2026. Copies of these materials are attached as exhibits to the affidavit. Secretary will file these materials with the minutes of this meeting. First, certified list of holders of common stock of the company as of close of business on April 17th, 2026, the record date, for determining stockholders entitled to notice and vote at this meeting. first certified list of holders of common stock of the company as of close of business on april 17th 2026 the record date for determining stockholders entitled to notice and vote at this meeting This list has been prepared by Equiniti Trust Company, LLC, the company's transfer agent. this list has been prepared by equiniti trust company llc the company's transfer agent Second, an affidavit signed by the employee of Broadridge Financial Solutions, Inc . as to the mailing on or about April 24th, 2026, of a notice regarding the availability of proxy materials with respect to the electronic availability of, one, the company's annual report on Form 10-K for the fiscal year end of December 31st, 2025. second an affidavit signed by the employee of broadridge financial solutions, inc as to the mailing on or about april 24th 2026 of a notice regarding the availability of proxy materials with respect to the electronic availability of one the company's annual report on form 10-k for the fiscal year end of december 31st 2025 Two, a notice of the annual meeting. two a notice of the annual meeting Three, the company's proxy statement dated April 24th, 2026. three the company's proxy statement dated april 24th 2026 Copies of these materials are attached as exhibits to the affidavit. copies of these materials are attached as exhibits to the affidavit Secretary will file these materials with the minutes of this meeting. secretary will file these materials with the minutes of this meeting As the Secretary has reported the existence of a quorum, we will proceed with the business of this meeting. First, I am pleased to introduce to you other directors of our company who are present with us today. Eugenia Cheng, who is a current director of our company and the managing director of Prospect Avenue Partners. Michael Clement is a current director of our company and retired Professor of Accounting from the University of Texas at Austin. Audrey Greenberg is a current director of our company and venture partner at the Mayo Clinic. Stephen Norcutt is a current director of our company and the President of Schafer Richardson Inc. Lisa Pendergast is a current director of our company and the President and Chief Executive Officer of the Commercial Real Estate Finance Council. Jason Serrano is a current director of our company and the Chief Executive Officer of our company. As the Secretary has reported the existence of a quorum, we will proceed with the business of this meeting. as the secretary has reported the existence of a quorum we will proceed with the business of this meeting First, I am pleased to introduce to you other directors of our company who are present with us today. first i am pleased to introduce to you other directors of our company who are present with us today Eugenia Cheng, who is a current director of our company and the managing director of Prospect Avenue Partners. eugenia cheng who is a current director of our company and the managing director of prospect avenue partners Michael Clement is a current director of our company and retired Professor of Accounting from the University of Texas at Austin. michael clement is a current director of our company and retired professor of accounting from the university of texas at austin Audrey Greenberg is a current director of our company and venture partner at the Mayo Clinic. audrey greenberg is a current director of our company and venture partner at the mayo clinic Stephen Norcutt is a current director of our company and the President of Schafer Richardson Inc. Lisa Pendergast is a current director of our company and the President and Chief Executive Officer of the Commercial Real Estate Finance Council. stephen norcutt is a current director of our company and the president of schafer richardson inc lisa pendergast is a current director of our company and the president and chief executive officer of the commercial real estate finance council Jason Serrano is a current director of our company and the Chief Executive Officer of our company. jason serrano is a current director of our company and the chief executive officer of our company Also present today is Nicholas Mah, our President. We have also invited our independent registered public accounting firm, Grant Thornton LLP, to attend this meeting virtually. Michael Cairns is online today to represent Grant Thornton, and is available to respond to appropriate questions raised by stockholders attending this meeting and making a statement if desired. In addition, Chris Green is in attendance today from Vinson & Elkins LLP, our corporate counsel. In order to ensure the orderly conduct of business of this meeting, we have adopted the order of business set forth in agenda available on this meeting website. The business portion of this meeting will consist of two parts. First, the formalities necessary to establish the validity of this meeting, and second, the meeting's formal business. Also present today is Nicholas Mah, our President. also present today is nicholas mah our president We have also invited our independent registered public accounting firm, Grant Thornton LLP, to attend this meeting virtually. we have also invited our independent registered public accounting firm grant thornton llp to attend this meeting virtually Michael Cairns is online today to represent Grant Thornton, and is available to respond to appropriate questions raised by stockholders attending this meeting and making a statement if desired. michael cairns is online today to represent grant thornton and is available to respond to appropriate questions raised by stockholders attending this meeting and making a statement if desired In addition, Chris Green is in attendance today from Vinson & Elkins LLP, our corporate counsel. in addition chris green is in attendance today from vinson & elkins llp our corporate counsel In order to ensure the orderly conduct of business of this meeting, we have adopted the order of business set forth in agenda available on this meeting website. The business portion of this meeting will consist of two parts. in order to ensure the orderly conduct of business of this meeting we have adopted the order of business set forth in agenda available on this meeting website. the business portion of this meeting will consist of two parts First, the formalities necessary to establish the validity of this meeting, and second, the meeting's formal business. first the formalities necessary to establish the validity of this meeting and second the meeting's formal business The only formal items of this business on the agenda for today's meeting are, one, the election of seven directors named in the company's proxy statement filed with the SEC to serve on the company's board until the 2027 Annual Meeting of Stockholders, or until their successors are duly elected and qualified. Two, to hold an advisory vote on named executive compensation. Three, the approval of the amendment of the company's 2017 Equity Incentive Plan. Four, the ratification of the appointment of Grant Thornton as the company's independent registered public accounting firm for the 2026 fiscal year. The company has not received notice from any stockholders as required under its bylaws and applicable securities laws of any other matter to consider in today's meeting. Therefore, no other proposals may be properly introduced by stockholders. Following the business portion of this meeting, we will provide for a question and answer session. The only formal items of this business on the agenda for today's meeting are, one, the election of seven directors named in the company's proxy statement filed with the SEC to serve on the company's board until the 2027 Annual Meeting of Stockholders, or until their successors are duly elected and qualified. the only formal items of this business on the agenda for today's meeting are one the election of seven directors named in the company's proxy statement filed with the sec to serve on the company's board until the 2027 annual meeting of stockholders or until their successors are duly elected and qualified Two, to hold an advisory vote on named executive compensation. two to hold an advisory vote on named executive compensation Three, the approval of the amendment of the company's 2017 Equity Incentive Plan. three the approval of the amendment of the company's 2017 equity incentive plan Four, the ratification of the appointment of Grant Thornton as the company's independent registered public accounting firm for the 2026 fiscal year. The company has not received notice from any stockholders as required under its bylaws and applicable securities laws of any other matter to consider in today's meeting. four the ratification of the appointment of grant thornton as the company's independent registered public accounting firm for the 2026 fiscal year. the company has not received notice from any stockholders as required under its bylaws and applicable securities laws of any other matter to consider in today's meeting Therefore, no other proposals may be properly introduced by stockholders. therefore no other proposals may be properly introduced by stockholders Following the business portion of this meeting, we will provide for a question and answer session. following the business portion of this meeting we will provide for a question and answer session Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question and abide by the rules of conduct. Though we may not be able to answer every question, we will do our best to provide a response to as many questions as possible. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. Only validated stockholders may ask questions in the designated field on the web portal. only validated stockholders may ask questions in the designated field on the web portal Out of consideration for others, please limit yourself to one question and abide by the rules of conduct. out of consideration for others please limit yourself to one question and abide by the rules of conduct Though we may not be able to answer every question, we will do our best to provide a response to as many questions as possible. though we may not be able to answer every question we will do our best to provide a response to as many questions as possible Please note that this meeting is being recorded. please note that this meeting is being recorded However, no one attending via the webcast or telephone is permitted to use any audio recording device. however no one attending via the webcast or telephone is permitted to use any audio recording device First item of business on the agenda for this meeting is the proposal for the election of seven nominees named in the company's proxy statement to serve on the board of directors of the company for a term of one year. The nominees to serve on the board of directors of the company as described in the company's proxy statement dated April 24th, 2026 are myself, Steven Mumma, Eugenia Cheng, Michael Clement, Audrey Greenberg, Steven Norcutt, Lisa Pendergast, Jason Serrano. Each of these individuals currently serve as the director of the company. No other director nominees have been proposed. First item of business on the agenda for this meeting is the proposal for the election of seven nominees named in the company's proxy statement to serve on the board of directors of the company for a term of one year. The nominees to serve on the board of directors of the company as described in the company's proxy statement dated April 24th, 2026 are myself, Steven Mumma, Eugenia Cheng, Michael Clement, Audrey Greenberg, Steven Norcutt, Lisa Pendergast, Jason Serrano. first item of business on the agenda for this meeting is the proposal for the election of seven nominees named in the company's proxy statement to serve on the board of directors of the company for a term of one year. the nominees to serve on the board of directors of the company as described in the company's proxy statement dated april 24th 2026 are myself steven mumma eugenia cheng michael clement audrey greenberg steven norcutt lisa pendergast jason serrano Each of these individuals currently serve as the director of the company. each of these individuals currently serve as the director of the company No other director nominees have been proposed. no other director nominees have been proposed Next on the agenda for this meeting is a proposal to approve on an advisory basis the compensation of the company's named executive officers as disclosed under the compensation disclosure rules of the SEC, including the compensation discussion and analysis, compensation tables, and narrative discussion contained in the company's proxy statement, dated April 24th, 2026. Although this vote is advisory and is not binding, the board of directors and compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. Next on the agenda for this meeting is a proposal to approve the adoption of the third amendment to the company's 2017 Equity Incentive Plan. As disclosed in the company's proxy statement dated April 24th, 2026, the third amendment will, among other things, increase the number of shares of our common stock that may be issued under an extended duration of the plan. Next on the agenda for this meeting is a proposal to approve on an advisory basis the compensation of the company's named executive officers as disclosed under the compensation disclosure rules of the SEC, including the compensation discussion and analysis, compensation tables, and narrative discussion contained in the company's proxy statement, dated April 24th, 2026. next on the agenda for this meeting is a proposal to approve on an advisory basis the compensation of the company's named executive officers as disclosed under the compensation disclosure rules of the sec including the compensation discussion and analysis compensation tables and narrative discussion contained in the company's proxy statement dated april 24th 2026 Although this vote is advisory and is not binding, the board of directors and compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. although this vote is advisory and is not binding the board of directors and compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions Next on the agenda for this meeting is a proposal to approve the adoption of the third amendment to the company's 2017 Equity Incentive Plan. next on the agenda for this meeting is a proposal to approve the adoption of the third amendment to the company's 2017 equity incentive plan As disclosed in the company's proxy statement dated April 24th, 2026, the third amendment will, among other things, increase the number of shares of our common stock that may be issued under an extended duration of the plan. as disclosed in the company's proxy statement dated april 24th 2026 the third amendment will among other things increase the number of shares of our common stock that may be issued under an extended duration of the plan The third amendment will not be implemented unless approved by the stockholders. If the third amendment is not approved by the stockholders, the company's 2017 Equity Incentive Plan will remain in effect in its present form and will continue to grant awards thereunder until the share reserve under the company's 2017 Equity Incentive Plan is exhausted or the plan's term expires. Next on the agenda for this meeting is a proposal to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year. The company has approved the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year, subject to the approval of such appointment by the stockholders of the company. The third amendment will not be implemented unless approved by the stockholders. the third amendment will not be implemented unless approved by the stockholders If the third amendment is not approved by the stockholders, the company's 2017 Equity Incentive Plan will remain in effect in its present form and will continue to grant awards thereunder until the share reserve under the company's 2017 Equity Incentive Plan is exhausted or the plan's term expires. if the third amendment is not approved by the stockholders the company's 2017 equity incentive plan will remain in effect in its present form and will continue to grant awards thereunder until the share reserve under the company's 2017 equity incentive plan is exhausted or the plan's term expires Next on the agenda for this meeting is a proposal to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year. The company has approved the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2026 fiscal year, subject to the approval of such appointment by the stockholders of the company. next on the agenda for this meeting is a proposal to ratify the appointment of grant thornton llp as the company's independent registered public accounting firm for the 2026 fiscal year. the company has approved the appointment of grant thornton llp as the company's independent registered public accounting firm for the 2026 fiscal year subject to the approval of such appointment by the stockholders of the company If the stockholders fail to ratify such appointment, the company will reconsider whether or not to retain that firm, but is not prevented from doing so. Matters set forth in the notice of this meeting to be voted on are now properly before the meeting. Let's proceed with the voting on the four proposals. For the election of directors, because this is considered an uncontested election under our bylaws, a nominee for the director is elected to our board of directors if he or she receives a majority of votes cast for this election, meaning the number of votes voted on for such nominee election exceeds the number of votes against such nominee's election. If the stockholders fail to ratify such appointment, the company will reconsider whether or not to retain that firm, but is not prevented from doing so. if the stockholders fail to ratify such appointment the company will reconsider whether or not to retain that firm but is not prevented from doing so Matters set forth in the notice of this meeting to be voted on are now properly before the meeting. matters set forth in the notice of this meeting to be voted on are now properly before the meeting Let's proceed with the voting on the four proposals. let's proceed with the voting on the four proposals For the election of directors, because this is considered an uncontested election under our bylaws, a nominee for the director is elected to our board of directors if he or she receives a majority of votes cast for this election, meaning the number of votes voted on for such nominee election exceeds the number of votes against such nominee's election. for the election of directors because this is considered an uncontested election under our bylaws a nominee for the director is elected to our board of directors if he or she receives a majority of votes cast for this election meaning the number of votes voted on for such nominee election exceeds the number of votes against such nominee's election With respect to the advisory vote on the named executive compensation, the affirmative vote of a majority of votes cast on this matter at this meeting is necessary for the approval of the advisory vote on the company's named executive officer compensation. As the vote regarding named executive compensation is advisory and not binding, the board of directors and the compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. With respect to the approval of the amendment of the company's 2017 Equity Incentive Plan, the affirmative vote of a majority of the votes cast on these matters at this meeting is necessary for approval of the amendment of the company's 2017 Equity Incentive Plan. With respect to the advisory vote on the named executive compensation, the affirmative vote of a majority of votes cast on this matter at this meeting is necessary for the approval of the advisory vote on the company's named executive officer compensation. with respect to the advisory vote on the named executive compensation the affirmative vote of a majority of votes cast on this matter at this meeting is necessary for the approval of the advisory vote on the company's named executive officer compensation As the vote regarding named executive compensation is advisory and not binding, the board of directors and the compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions. as the vote regarding named executive compensation is advisory and not binding the board of directors and the compensation committee plan to take into consideration the outcome of the vote when making future executive compensation decisions With respect to the approval of the amendment of the company's 2017 Equity Incentive Plan, the affirmative vote of a majority of the votes cast on these matters at this meeting is necessary for approval of the amendment of the company's 2017 Equity Incentive Plan. with respect to the approval of the amendment of the company's 2017 equity incentive plan the affirmative vote of a majority of the votes cast on these matters at this meeting is necessary for approval of the amendment of the company's 2017 equity incentive plan Affirmative vote of the majority of the votes cast on this ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31st, 2026 at this meeting is necessary for the ratification of Grant Thornton LLP as our independent registered public accounting firm for such fiscal year. I ask each stakeholder who plans to vote at this meeting to please vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026. If you submitted a proxy prior to the meeting, you do not need to do anything at this time. It is now 9:10 A.M. I now declare the polls closed. Based on the tabulation submitted by the inspector of election, a majority of the votes cast for the election of the company's nominees of the director of the company have voted for the election of such nominee. Affirmative vote of the majority of the votes cast on this ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31st, 2026 at this meeting is necessary for the ratification of Grant Thornton LLP as our independent registered public accounting firm for such fiscal year. affirmative vote of the majority of the votes cast on this ratification of the appointment of grant thornton llp as our independent registered public accounting firm for the fiscal year ending december 31st 2026 at this meeting is necessary for the ratification of grant thornton llp as our independent registered public accounting firm for such fiscal year I ask each stakeholder who plans to vote at this meeting to please vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026. i ask each stakeholder who plans to vote at this meeting to please vote at this time through the web platform at www.virtualshareholdermeeting.com/adam2026 If you submitted a proxy prior to the meeting, you do not need to do anything at this time. if you submitted a proxy prior to the meeting you do not need to do anything at this time It is now 9:10 A.M. it is now 9:10 a.m I now declare the polls closed. i now declare the polls closed Based on the tabulation submitted by the inspector of election, a majority of the votes cast for the election of the company's nominees of the director of the company have voted for the election of such nominee. based on the tabulation submitted by the inspector of election a majority of the votes cast for the election of the company's nominees of the director of the company have voted for the election of such nominee Consequently, each of the seven nominees has been elected to our board of directors to serve for a one-year term. In addition, a majority of all votes cast have voted to, one, approve compensation of the company's named executive officers. Two, approve an amendment to the 2017 Equity Incentive Plan. Three, to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for 2026 fiscal year. A report of the exact same vote will be filed with the records of the meeting and included in the current Form 10-K to be filed with the company. Following the conclusion of the business portion of this meeting, we will continue with a question and answer session. I am aware of no other business that should be brought forward through this meeting, accordingly, adjourn this meeting. Consequently, each of the seven nominees has been elected to our board of directors to serve for a one-year term. consequently each of the seven nominees has been elected to our board of directors to serve for a one-year term In addition, a majority of all votes cast have voted to, one, approve compensation of the company's named executive officers. in addition a majority of all votes cast have voted to one approve compensation of the company's named executive officers Two, approve an amendment to the 2017 Equity Incentive Plan. two approve an amendment to the 2017 equity incentive plan Three, to ratify the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for 2026 fiscal year. three to ratify the appointment of grant thornton llp as the company's independent registered public accounting firm for 2026 fiscal year A report of the exact same vote will be filed with the records of the meeting and included in the current Form 10-K to be filed with the company. a report of the exact same vote will be filed with the records of the meeting and included in the current form 10-k to be filed with the company Following the conclusion of the business portion of this meeting, we will continue with a question and answer session. following the conclusion of the business portion of this meeting we will continue with a question and answer session I am aware of no other business that should be brought forward through this meeting, accordingly, adjourn this meeting. i am aware of no other business that should be brought forward through this meeting accordingly adjourn this meeting Now, we would like to open things up for stockholders' questions being entered today on the web portal. We will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. Seeing no questions, I would like to thank all of you for attending this meeting. I would also like to express my appreciation to all of the stockholders who submitted their proxies but were not able to be present online. This concludes the 2026 annual meeting of stockholders. Thank you all for your attendance here this morning. This now concludes the meeting. Thank you for joining, and have a pleasant day. Now, we would like to open things up for stockholders' questions being entered today on the web portal. now we would like to open things up for stockholders' questions being entered today on the web portal We will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. we will attempt to answer as many questions as time allows but only questions that are germane to the meeting will be addressed Seeing no questions, I would like to thank all of you for attending this meeting. seeing no questions i would like to thank all of you for attending this meeting I would also like to express my appreciation to all of the stockholders who submitted their proxies but were not able to be present online. i would also like to express my appreciation to all of the stockholders who submitted their proxies but were not able to be present online This concludes the 2026 annual meeting of stockholders. this concludes the 2026 annual meeting of stockholders Thank you all for your attendance here this morning. thank you all for your attendance here this morning This now concludes the meeting. this now concludes the meeting Thank you for joining, and have a pleasant day. thank you for joining and have a pleasant day