Amalgamated Financial (AMAL) Insider RSU Withholding Reduces Holdings to 11,452.13

Rhea-AI Filing Summary

Mandy Tenner, EVP and Chief Legal Officer of Amalgamated Financial Corp. (AMAL), reported a Form 4 filing showing a withholding disposition tied to vested restricted stock units. On 08/24/2025 she had 1,525 shares withheld at an effective price of $30.04 related to the vesting of an RSU award originally granted on 08/24/2022. After that transaction, the filing shows 11,452.13 shares beneficially owned by the reporting person, which includes 47.79 shares from the Employee Stock Purchase Program and 18.10 shares from the Dividend Reinvestment Program. The Form 4 was signed on 08/26/2025.

Positive

• Full disclosure of RSU withholding with explanation linking the withheld 1,525 shares to an RSU award dated 08/24/2022
• Clear reporting of total beneficial ownership including specific balances from the Employee Stock Purchase Program (47.79 shares) and Dividend Reinvestment Program (18.10 shares)
• Form signed and dated (08/26/2025), indicating timely filing

Negative

• Material reduction in reported holdings via a disposition of 1,525 shares (withheld) which reduces direct ownership
• Rounded fractional share accounting (11,452.13 total) may require attention when reconciling with broker statements

Insights

Securities Analyst

TL;DR: Insider reported RSU withholding to cover vesting obligations, leaving a sizeable remaining ownership position.

The Form 4 discloses a non-derivative disposition of 1,525 shares on 08/24/2025 reported under code F, which the filer explains as shares withheld to satisfy tax or withholding obligations upon RSU vesting from an award dated 08/24/2022. The remaining beneficial ownership is reported as 11,452.13 shares, inclusive of small balances from the ESPP and DRIP. This is a routine post-vesting administrative transaction rather than an open-market sale and should be interpreted accordingly when assessing insider behavior.

Corporate Governance Expert

TL;DR: Transaction aligns with standard equity compensation mechanics; documentation is clear about source and composition of holdings.

The filing properly identifies the reporting person27s role as EVP and Chief Legal Officer and discloses the nature of the withheld shares as related to RSU vesting. Inclusion of ESPP and DRIP share counts provides transparency on the composition of the reported beneficial ownership. No amendments or complex derivative activity are present. From a governance perspective, this is a routine disclosure fulfilling Section 16 requirements.

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^*

Tenner Mandy

(Last) (First) (Middle)

275 SEVENTH 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2025

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	08/24/2025		F		1,525(1)	D	$30.04	11,452.13(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

Explanation of Responses:

1. Represents the shares withheld related to the vesting of a restricted stock unit installment, awarded to the reporting person on August 24, 2022.

2. The amount of Securities Beneficially Owned Following the Reported Transaction includes 47.79 shares purchased under the Employee Stock Purchase Program and 18.10 shares acquired through the Dividend Reinvestment Program.

Remarks:

	/s/ Mandy Tenner	08/26/2025
	** 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 Mandy Tenner report on the AMAL Form 4?

The Form 4 reports a disposition of 1,525 shares on 08/24/2025 related to RSU withholding and shows 11,452.13 shares beneficially owned following the transaction.

Why were 1,525 shares reported as disposed on AMAL Form 4?

The filing states those shares were withheld related to the vesting of a restricted stock unit installment awarded on 08/24/2022.

Does the Form 4 show other sources of Tenner's AMAL shares?

Yes. The beneficial ownership total includes 47.79 shares from the Employee Stock Purchase Program and 18.10 shares from the Dividend Reinvestment Program.

When was the Form 4 signed and filed?

The signature block shows the form was signed by /s/ Mandy Tenner on 08/26/2025.

What transaction code was used for the reported disposition?

The transaction is reported with code F, consistent with shares withheld to satisfy tax withholding on vesting.