[Form 4] Amalgamated Financial Corp. Insider Trading Activity

Rhea-AI Filing Summary

Amalgamated Financial Corp. (AMAL) director reported multiple equity transactions on Form 4. On 10/30/2025, the director exercised stock options for 4,820 shares at $12, 7,020 shares at $13.75, and 6,560 shares at $14.65, with share withholding for taxes of 2,381, 3,468, and 3,240 shares at $27.5575. Sales included 300 shares at $27.49 on 08/07/2025 and 8,949 shares at a weighted average price of $27.3354 on 10/31/2025. On 11/01/2025, the director received 2,568 restricted stock units that vest immediately. Beneficial ownership following these transactions was 24,844 shares, held directly.

Footnote (1) states the 10/31 sale price reflects multiple trades between $27.06 and $27.63.

Insights

Equity Compensation Analyst

Insider option exercises and sales; company ends stock option program and grants immediate-vest RSUs.

This Form 4 shows a director of Amalgamated Financial Corp. (AMAL) exercising legacy non-qualified stock options and selling shares, with tax-withholding entries. Notably, it discloses the Company’s termination of its stock option program and a compensatory grant of 2,568 restricted stock units that vest immediately upon grant on 11/01/2025.

Mechanically: options with strikes of $12, $13.75, and $14.65 were exercised on 10/30/2025 (codes “M”), followed by share dispositions for taxes (code “F” at $27.5575) and open market sales (code “S,” including 8,949 shares at a weighted average of $27.3354). After these entries and the RSU award, reported direct ownership changed across the sequence, ending with 24,844 shares.

Why it matters: ending the stock option program signals a shift in equity compensation design toward full-value awards (RSUs). That changes dilution patterns and pay mix. The weighted-average sale disclosure indicates standard compliance; the footnote commits to provide detailed trade breakdowns upon request. Items to watch: future director and officer grants post-termination, any board or plan amendments, and upcoming Section 16 reports around year-end 2025 that show if RSUs replace options across more insiders.

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

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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^*

Fox Lynne P.

(Last) (First) (Middle)

275 7TH AVE

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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	08/07/2025		S		300	D	$27.49	21,914	D
Common Stock	10/30/2025		M		4,820	A	$12	26,734	D
Common Stock	10/30/2025		F		2,381	D	$27.5575	24,353	D
Common Stock	10/30/2025		M		7,020	A	$13.75	31,373	D
Common Stock	10/30/2025		F		3,468	D	$27.5575	27,905	D
Common Stock	10/30/2025		M		6,560	A	$14.65	34,465	D
Common Stock	10/30/2025		F		3,240	D	$27.5575	31,225	D
Common Stock	10/31/2025		S		8,949	D	$27.3354(1)	22,276	D
Common Stock	11/01/2025		A		2,568	A	$0	24,844(2)	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
Non-Qualified Stock Option (right to buy)	$12	10/30/2025		M			4,820	01/01/2016	01/01/2026	Common Stock	4,820	$0	0	D
Non-Qualified Stock Option (right to buy)	$13.75	10/30/2025		M			7,020	01/01/2017	01/01/2027	Common Stock	7,020	$0	0	D
Non-Qualified Stock Option (right to buy)	$14.65	10/30/2025		M			6,560	01/01/2018	01/01/2028	Common Stock	6,560	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.06 - $27.63 . The reporting person undertakes to provide to AMAL, any security holder of AMAL, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. The reported transaction involved the reporting person's receipt of a grant of 2,568 restricted stock units. The restricted stock units vest immediately upon grant, in consideration of the Company's termination of the stock option program and the Director's early exercise of all outstanding and vested stock options on October 30, 2025.

Remarks:

	/s/Lynne Fox	11/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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