[Form 4] Amalgamated Financial Corp. Insider Trading Activity

Rhea-AI Filing Summary

Jason Darby, Senior Executive VP and CFO of Amalgamated Financial Corp. (AMAL), received 16,511 restricted stock units on 09/01/2025. The Form 4 shows the award recorded as a non‑derivative acquisition at $0 per unit and reports 74,243.36 shares beneficially owned following the transaction. The restricted stock units vest in three annual installments beginning on the first anniversary of the grant date, and each unit represents a contingent right to receive one share of AMAL common stock.

Positive

• CFO awarded 16,511 restricted stock units, which aligns executive compensation with shareholder outcomes through equity rather than cash
• RSUs vest over three years, supporting retention by tying realized compensation to continued service
• Each RSU converts to one share, making the award structure straightforward and transparent in terms of share delivery

Negative

• None.

Insights

Financial Analyst

TL;DR: CFO received time‑vested RSUs totaling 16,511 units, increasing reported beneficial ownership to 74,243.36 shares.

The grant is recorded as a non‑derivative acquisition at $0, indicating a service‑based restricted stock unit award rather than an immediate cash purchase. The three‑year annual vesting schedule ties realized value to continued service and future share delivery; this aligns executive compensation with retention goals. The Form 4 provides no valuation, tax withholding or acceleration terms, so material financial impact on share count or dilution cannot be assessed from this filing alone.

Corporate Governance Expert

TL;DR: Time‑based RSUs granted to the CFO suggest standard retention incentives; vesting details are explicit but limited.

The filing clearly states the award structure: 16,511 restricted stock units vesting in three annual installments starting one year after grant. This is a typical equity compensation approach to align management and shareholder interests over time. The Form 4 does not disclose grant approval authority, grant agreement specifics, or potential acceleration on change in control, so governance oversight and potential future dilution cannot be evaluated from this document alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Darby Jason

(Last) (First) (Middle)

275 7TH AVENUE

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Amalgamated Financial Corp. [ AMAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Executive VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/01/2025		A		16,511(1)	A	$0	74,243.36	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units awarded to the reporting person on September 1, 2025. The restricted stock units vest in three annual installments beginning on the first anniversary of the grant date. Each restricted stock unit represents a contingent right to receive one share of AMAL stock.

Remarks:

	/s/Jason Darby	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for AMAL and what is their role?

The Form 4 was filed by Jason Darby, who is listed as Senior Executive VP and CFO of Amalgamated Financial Corp.

What security and how many units were acquired on the Form 4 for AMAL?

The filing reports acquisition of 16,511 restricted stock units (RSUs) of Amalgamated Financial Corp. common stock on 09/01/2025.

What is the vesting schedule for the RSUs reported on the AMAL Form 4?

The RSUs "vest in three annual installments beginning on the first anniversary of the grant date."

How many shares does the reporting person beneficially own after this transaction?

The Form 4 reports 74,243.36 shares beneficially owned following the reported transaction.

Was there a purchase price for the RSUs in this filing?

No purchase price is shown; the transaction is reported with a price of $0, consistent with a grant of restricted stock units.