Greg L. Mills - 04 Feb 2025 Form 4 Insider Report for ADAMS RESOURCES & ENERGY, INC.

Footnote F1

Represents shares of Adams Resources & Energy, Inc. ("AE") common stock disposed of in connection with the Agreement and Plan of Merger (the "Merger Agreement"), dated as of November 11, 2024, by and among AE, ARE Equity Corporation, a Texas corporation ("Parent") as successor-in-interest to Tres Energy LLC, a Texas limited liability company, and ARE Acquisition Corporation, a Delaware corporation and a direct, wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub would merge with and into AE, with AE surviving the merger as a wholly owned subsidiary of Parent. In accordance with the Merger Agreement, at the effective time of the merger contemplated thereby (the "Effective Time"), each share of AE common stock held by the reporting person was converted into the right to receive $38.00 in cash (the "Merger Consideration").

Footnote F2

In accordance with the Merger Agreement, at the Effective Time, each restricted stock unit award under the AE 2018 Long-Term Incentive Plan, as amended and restated, was cashed out based on the Merger Consideration.

Footnote F3

In accordance with the Merger Agreement, at the Effective Time, each performance share unit award under the AE 2018 Long-Term Incentive Plan, as amended and restated, was cashed out based on the Merger Consideration. Each award became fully vested with respect to a number of shares equal to 100.0% of the target number of shares covered by the award.