[Form 4] Amalgamated Financial Corp. Insider Trading Activity

Rhea-AI Filing Summary

Sam D. Brown, Senior Executive Vice President and Chief Banking Officer of Amalgamated Financial Corp. (AMAL), was awarded 13,846 restricted stock units on 09/01/2025. The award was granted at no cash cost (price $0) and increases the reporting person’s total beneficial ownership to 55,626.67 shares. The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date, with each unit representing a contingent right to receive one share of AMAL common stock.

Positive

• Retention and alignment: 13,846 restricted stock units vesting over three years align the Chief Banking Officer’s incentives with shareholder value.
• Clear disclosure: Form 4 specifies grant date, unit count, zero cash price, vesting schedule, and resulting beneficial ownership, meeting reporting requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: A routine executive RSU grant that aligns compensation with shareholder outcomes; likely neutral for near-term valuation.

The grant of 13,846 restricted stock units to the Chief Banking Officer is a standard equity-based retention and incentive mechanism. The units vest over three years starting one year after grant, which ties a portion of the executive’s compensation to future share performance and promotes retention. The reported post-grant beneficial ownership of 55,626.67 shares provides context on the executive’s stake but does not quantify percentage ownership or dilution relative to outstanding shares, so material market impact appears limited based solely on this filing.

Corporate Governance Expert

TL;DR: Compensation appears structured for retention and alignment; disclosure is clear and typical for Form 4 reporting.

The filing discloses customary terms: grant date, number of restricted stock units, zero cash price, vesting schedule over three annual installments, and the conversion ratio of one unit to one share. This level of detail satisfies Section 16 reporting expectations. The filing does not indicate acceleration conditions, performance vesting, or any derivative instruments tied to the award, limiting further governance implications from the disclosed information.

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^*

Brown Sam D.

(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)
	SEVP, Chief Banking Officer

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		13,846(1)	A	$0	55,626.67	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/ Sam Brown	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

What did Sam D. Brown report on the Form 4 for AMAL?

He reported a grant of 13,846 restricted stock units on 09/01/2025, increasing his beneficial ownership to 55,626.67 shares.

When do the restricted stock units granted to Sam D. Brown vest?

The restricted stock units vest in three annual installments, beginning on the first anniversary of the September 1, 2025 grant date.

What was the price of the restricted stock units reported on the Form 4?

The reported price was $0, indicating the units were granted without cash payment.

What is Sam D. Brown's role at Amalgamated Financial Corp. as stated in the filing?

He is SEVP, Chief Banking Officer, and the Form 4 was filed by one reporting person.

Does the Form 4 show any derivative transactions for Sam D. Brown?

No; Table II for derivative securities contains no reported transactions in this filing.