Document:

EX-10.3

 Exhibit 10.3 
  

 
 AMALGAMATED FINANCIAL CORP. 2021 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS: March 7, 2019 and February 4, 2021 

APPROVED BY THE STOCKHOLDERS: April 30, 2019 

EFFECTIVE DATE: March 1, 2021 

1.    GENERAL. 

(a)    Establishment and History of the Plan. Amalgamated Financial Corp. (the “Company”)
hereby adopts and restates this Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Plan”), effective March 1, 2021 upon consummation of the reorganization of Amalgamated Bank (the
“Bank”) into a bank holding company structure wherein the Bank is becoming a wholly-owned subsidiary of the Company (the “Reorganization”). The Plan was originally established by the Bank under the
name Amalgamated Bank 2019 Equity Incentive Plan and became effective April 30, 2019 upon approval by the Bank’s stockholders (the “Original Plan”). As contemplated in Section 12 of the Original Plan, the
Original Plan automatically transferred to the Company upon consummation of the Reorganization. 

(b)    Purpose. The Plan, through the grant of Awards, is intended to help the Company and its Subsidiaries secure
and retain the services of eligible Award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and its Subsidiaries, and provide a means by which the eligible recipients may benefit from increases
in value of the Common Stock. 
 (c)    Compliance with Applicable Laws. The Plan is subject to any applicable
provisions of the New York Banking Law or the regulations of the New York State Banking Board, and any other applicable law or regulation. 

(d)    Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards under the
Plan. 
 (e)    Available Awards. The Plan provides for the grant of Restricted Stock Awards, and Restricted
Stock Unit Awards. 
 (f)    Effective Date. The Plan will not become effective until the date that the Plan has
been approved by the Board. The effectiveness of the Plan shall be subject to approval by the holders of a majority of the outstanding shares of capital stock of the Company within twelve (12) months before or after the date the Plan is adopted
by the Board. Such approval shall be obtained in the manner and to the degree required under applicable laws. No Shares may be delivered to any Participant under the Plan unless and until such shareholder approval is obtained. If such shareholder
approval is not obtained, all Awards made hereunder shall be null and void. 
 (g)    Duration. The Plan shall
remain in effect until the earliest of (i) the date the Board terminates the Plan pursuant to Section 10, (ii) the Plan’s automatic termination as set forth in Section 10, or (iii) the date that
all Shares authorized for issuance under the Plan shall have been purchased or granted according to the Plan’s provisions. 

 2.    ADMINISTRATION OF THE PLAN. 

(a)    Administration by Committee. The Plan shall be administered by the Committee. Except to the extent that the
full Board is serving as the Committee hereunder, the Committee shall be composed solely of three (3) or more Non-Employee Directors, in accordance with Rule 16b-3
and shall act only by a majority of its members then in office (provided that with respect to the grant of any Award to a Committee member, such member shall recuse himself or herself from any such vote). 

(b)    Powers of Committee. Except for those powers expressly reserved for the Board in the Plan document, the
Committee will have the power, subject to and within the limitations of the express provisions of the Plan: 
 (i)    To
determine who will be granted Awards and the terms of such Awards (subject to the recusal obligations described in (a) above). The provisions of each Award need not be identical. 

(ii)    To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and
regulations for administration of the Plan and Awards. The Committee, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it deems necessary or
expedient to make the Plan or Award fully effective. 
 (iii)    To settle all controversies regarding the Plan and
Awards granted under it. 
 (iv)    To accelerate, in whole or in part, the time at which an Award may vest (or the time
at which cash or shares of Common Stock may be issued in settlement thereof). 
 (v)    To approve forms of Award
Agreements for use under the Plan and to amend the terms of any one (1) or more Awards in accordance with the Plan, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the
Award Agreement, subject to any specified limits in the Plan that are not subject to Committee discretion; provided, however, that a Participant’s rights under any then-outstanding Award will not be materially impaired by any such
amendment unless such Participant consents in writing. Notwithstanding the foregoing, (i) a Participant’s rights will not be deemed to have been materially impaired by any such amendment if the Committee, in its sole discretion, determines
that the amendment, taken as a whole, does not materially impair the Participant’s rights, and (ii) subject to the limitations of applicable law, if any, the Committee may amend the terms of any Award without the affected
Participant’s consent (1) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (2) to comply with applicable laws or listing requirements. 

(vi)    To effect, with the consent of any adversely affected Participant and in accordance with the Plan, the
cancellation of any outstanding Award and the grant in substitution therefor of a new Award and/or other valuable consideration determined by the Committee, in its sole discretion. 

  
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 (vii)    Generally, to exercise such powers and to perform such acts as
the Committee deems necessary or expedient to promote the best interests of the Company and its Subsidiaries and that are not in conflict with the provisions of the Plan or Awards. 

(c)    Delegation to an Officer. The Committee may delegate to one or more Officers the authority to do one or both
of the following with respect to Awards: (i) designate, to the extent permitted by applicable law, Employees who are not Officers to be recipients of Awards and the terms of such Awards, and (ii) determine the number of shares of Common
Stock (if applicable) to be subject to such Awards granted to such Employees; provided, however, that the Committee approval of such delegation will specify the total number of shares of Common Stock and total dollar amount of cash that may
be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the form of Award Agreement most recently approved for use by the Committee, unless otherwise
provided in the resolutions approving the delegation authority. 
 (d)    Effect of Committee’s Decision.
All determinations, interpretations and constructions made by the Committee will not be subject to review by any person and will be final, binding and conclusive on all persons. 

3.    SHARES SUBJECT TO THE PLAN. 

(a)    Share Reserve. Subject to Section 9(a) relating to Capitalization
Adjustments, the aggregate number of Shares of Common Stock that may be issued pursuant to Awards will not exceed 1,250,000 Shares (the “Share Reserve”), plus the number of Shares that revert to the Plan as
described in Section 3(b) below, as such Shares become available from time to time. 
 For clarity, the Share
Reserve in this Section 3(a) is a limitation on the number of Shares of Common Stock that may be issued pursuant to the Plan. As a single Share may be subject to grant more than once (e.g., if a Share subject to an
Award is forfeited, it may be made subject to grant again as provided in Section 3(b) below), the Share Reserve is not a limit on the number of Awards that can be granted. Shares may be issued in connection with a merger or
acquisition as permitted by NASDAQ Listing Rule 5635(c) and other applicable law and rules, and such issuance will not reduce the number of Shares available for issuance under the Plan. 

(b)    Reversion of Shares to the Share Reserve. If an Award or any portion thereof (i) expires or
otherwise terminates without all of the Shares covered by such Award having been issued, or (ii) is settled in cash (i.e., the Participant receives cash rather than Common Stock), such expiration, termination or settlement will not
reduce (or otherwise offset) the number of Shares of Common Stock that may be available for issuance under the Plan. If any Shares of Common Stock issued pursuant to an Award are forfeited back to or repurchased by the Company because of the failure
to meet a contingency or condition required to vest such Shares in the Participant, then the Shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. In addition, in the case of any Award
granted in substitution for an award of a company or business acquired by the Company or a Subsidiary, Shares issued or issuable in connection with such substitute Award shall not be counted against the number of Shares reserved under the Plan, but
shall be available under the Plan by virtue of the Company or a Subsidiary’s assumption of the plan or arrangement of the acquired company or business. All Shares of Restricted Stock which vest, and all Shares issued in settlement of a
Restricted Stock Unit, or withheld for payment of any tax imposed upon the settlement of the Award, shall reduce the total number of Shares available under the Plan and shall not again be available for the grant of any Award hereunder. 

  
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 (c)    Limitation on Grants to
Non-Employee Directors. The maximum number of Shares subject to Awards granted under this Plan or under any other equity plan maintained by the Company or any of its Subsidiaries during a single fiscal
year to any Non-Employee Director (other than a director not on the Board at the time of the grant), taken together with any cash fees paid to such Non-Employee Director
during the fiscal year, will not exceed $500,000.00 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes and excluding, for this purpose, the value of any
dividend equivalent payments paid pursuant to any Award granted in a previous fiscal year). 
 (d)    Source of
Shares. The stock issuable under the Plan will be Shares of authorized but unissued or reacquired Common Stock, including Shares repurchased by the Company on the open market or otherwise. 

4.    ELIGIBILITY AND PARTICIPATION. Awards may be granted to Employees, Directors or Consultants. 

5.    RESTRICTED STOCK AWARDS. Each Restricted Stock Award shall be evidenced by an Award Agreement in such form and
containing such terms and conditions as the Committee deems appropriate. To the extent consistent with the Company’s bylaws, at the Committee’s election, Shares may be held in book entry form subject to the Company’s instructions
until any restrictions relating to the Restricted Stock Award lapse; or evidenced by a certificate, which certificate will be held in such form and manner as determined by the Committee. The terms and conditions of Award Agreements evidencing
Restricted Stock Awards may change from time to time, and the terms and conditions of separate Award Agreements need not be identical. Each Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Award
Agreement or otherwise) the substance of each of the following provisions: 
 (a)    Consideration. A Restricted
Stock Award may be awarded in consideration for (i) cash, check, bank draft or money order payable to the Company, (ii) past services to the Company or one or more of its Subsidiaries, or (iii) any other form of legal consideration
(including future services) that may be acceptable to the Committee, in its sole discretion, and permissible under applicable law. 

(b)    Vesting. Shares awarded under the Restricted Stock Award may be subject to forfeiture to the Company in
accordance with a vesting schedule to be determined by the Committee; provided, however that no Restricted Stock Award shall vest prior to one (1) year after its date of grant except upon a Change in Control as described in
Section 9(c) or, if specifically referenced in the Award Agreement, upon death or Disability. Vesting may occur in periodic installments that may or may not be equal and may be based on the satisfaction of Performance
Measures or other criteria as the Committee may deem appropriate. The vesting provisions of individual Restricted Stock Awards may vary. 

(c)    Separation from Service. Except as otherwise provided in the applicable Award Agreement or
Section 9(c) below, if a Participant Separates from Service (other than for Cause), the Restricted Stock Award shall terminate immediately and the Participant shall forfeit the portion of the Shares held by the Participant
that have not vested as of such date of Separation from Service. The portion of the Shares that have already vested as of such date of Separation from Service shall remain subject to any Company repurchase rights set forth in the applicable Award
Agreement. 

  
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 (d)    Termination for Cause. Except as explicitly
provided otherwise in a Participant’s Award Agreement, if a Participant Separates from Service for Cause or Cause is thereafter determined by the Committee to exist, the Restricted Stock Award will terminate immediately upon such
Participant’s Separation from Service (or, if earlier, the Company’s or Subsidiary’s notice of such Separation from Service for Cause) and the Company shall have the right to repurchase any or all Shares that have already vested as of
the date of such Separation from Service or notice thereof, as applicable, for the lesser of their Fair Market Value or $0.01 per Share, and if any such Shares have been transferred, sold or otherwise assigned by the Participant (or are otherwise
not available for repurchase by the Company), the Participant will immediately repay the gross proceeds back to the Company. 

(e)    Transferability. Rights to acquire Shares under a Restricted Stock Award will be transferable by the
Participant only upon such terms and conditions as are set forth in the Award Agreement, as the Committee will determine in its sole discretion, so long as such Shares remain subject to the terms of the Award Agreement. 

(f)    Dividends. Unless specifically provided in the applicable Award Agreement, the Participant shall have
no rights to dividends on the portion of his/her Restricted Stock Award that have not yet vested as of the applicable record date. To the extent that the applicable Award Agreement provides for a right to dividends paid on Shares of restricted stock
that have not yet vested, such dividends will be subject to the same vesting and forfeiture restrictions as apply to the Shares subject to the Restricted Stock Award to which they relate, and shall be paid to the Participant within thirty
(30) days following the date the underlying Share vests in full. The Participant shall be entitled to interest or earnings on such dividends only to the extent specifically provided in the applicable Award Agreement. 

6.    RSU AWARDS. Each RSU Award will be evidenced by an Award Agreement in such form and containing such terms and
conditions as the Committee will deem appropriate. The terms and conditions of RSU Awards may change from time to time, and the terms and conditions of separate RSU Awards need not be identical. Each Award Agreement evidencing an RSU Award will
conform to (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) the substance of each of the following provisions: 

(a)    Consideration. At the time of grant of a RSU Award, the Committee will determine the consideration,
if any, to be paid by the Participant upon delivery of each Share subject to the RSU Award. The consideration to be paid (if any) by the Participant for each Share subject to a RSU Award may be paid in any form of legal consideration that may be
acceptable to the Committee, in its sole discretion, and permissible under applicable law. 
 (b)    Vesting. At
the time of the grant of a RSU Award, the Committee may impose such restrictions on or conditions to the vesting of the RSU Award as it, in its sole discretion, deems appropriate. Vesting may occur in periodic installments that may or may not be
equal and may be based on the satisfaction of Performance Measures or other criteria as the Committee may deem appropriate. The vesting provisions of individual RSU Awards may vary; provided, however that no Restricted Stock Award shall vest
prior to one (1) year after its date of grant except upon a Change in Control as described in Section 9(c) or, if specifically referenced in the Award Agreement, upon death or Disability. 

  
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 (c)    Separation from Service. Except as otherwise provided in
the applicable Award Agreement or Section 9(c) below, if a Participant Separates from Service (other than for Cause), the RSU Award shall terminate immediately and the Participant shall forfeit any right to the RSU Award
that has not yet vested as of such date of Separation from Service. 
 (d)    Separation from Service for Cause.
Except as explicitly provided otherwise in a Participant’s Award Agreement, if a Participant Separates from Service for Cause or Cause is thereafter determined by the Committee to exist, the RSU Award will terminate immediately upon such
Participant’s Separation from Service (or, if earlier, the Company’s or its Subsidiaries’ notice of such Separation from Service for Cause) and the Participant shall have no further rights with respect thereto. To the extent that any
Shares have already been issued to the Participant pursuant to the RSU Award as of the date of such Separation from Service or notice thereof, as applicable, the Company shall have the right to repurchase any or all such Shares for the lesser of
their Fair Market Value or $0.01 per Share, and if any such Shares have been transferred, sold or otherwise assigned by the Participant (or are otherwise not available for repurchase by the Company), the Participant will immediately repay the gross
proceeds back to the Company. 
 (e)    Payment. An RSU Award may be settled by the delivery of Shares, their
cash equivalent, any combination thereof or in any other form of consideration, as determined by the Committee and contained in the RSU Award Agreement. At the time of the grant of a RSU Award, the Committee, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the Shares (or their cash equivalent) subject to a RSU Award, and any dividend equivalents thereon, to a time after the vesting of such RSU Award; provided, that any such delay shall be
structured in good faith to exempt such delayed payment from, or be compliant with, Code Section 409A. 

(f)    Dividend Equivalents. Unless specifically provided in the applicable Award Agreement, the Participant shall
have no rights to dividends unless and until Shares are issued to the Participant upon vesting of his/her RSU Award. To the extent that the applicable Award Agreement provides for a right to dividend equivalents credited in respect of Shares covered
by the RSU Award, such dividend equivalents may be converted into additional Shares covered by the RSU Award, at the sole discretion of and in such manner as determined by the Committee. Any dividend equivalents on the RSU Award, and any additional
Shares into which such dividend equivalents are converted pursuant to the foregoing sentence, will be subject to all of the same terms and conditions of the underlying Award Agreement to which they relate and any such cash dividend equivalents shall
be paid to the Participant within thirty (30) days following the date the underlying Share vests in full. The Participant shall be entitled to interest or earnings on such dividend equivalents only to the extent specifically provided in the
applicable Award Agreement. 
 (g)    Transferability. Rights to acquire Shares under the Award Agreement will be
transferable by the Participant only upon such terms and conditions as are set forth in the Award Agreement, as the Committee will determine in its sole discretion, so long as such Shares remain subject to the terms of the Award Agreement. 

  
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 7.    COVENANTS OF THE COMPANY. 

(a)    Availability of Shares. The Company will keep available at all times the number of Shares reasonably required
to satisfy then-outstanding Awards. 
 (b)    Securities Law Compliance. The Company will seek to obtain from
each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell Shares upon exercise of the Awards; provided, however, that this undertaking will not require the
Company to register under the Securities Act of 1933, as amended, the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any
such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common
Stock upon exercise of such Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be
in violation of any applicable securities law. 
 (c)    No Obligation to Notify or Minimize Taxes.
Neither the Company nor its Subsidiaries will have the duty or obligation to any Participant to advise such holder as to the time or manner of exercising any Award. Furthermore, neither the Company nor its Subsidiaries will have the duty or
obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. Neither the Company nor its Subsidiaries has the duty or obligation to minimize the
tax consequences of an Award to the holder of such Award. Notwithstanding anything in this Plan or the applicable Award Agreement to the contrary, neither the Company, its Subsidiaries, nor any other person or entity guarantees, warrants or
otherwise represents that an Award made under this Plan will produce any favorable or desired tax or other result; and any statement, inference or other communication to the contrary (under this Plan, the applicable Award Agreement or otherwise) is
and shall be subject to the provisions and qualifications and disclaimer of this sentence. The Participant shall be solely and exclusively responsible for any and all such results. 

8.    MISCELLANEOUS. 

(a)    Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of
an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Committee, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or
actually received or accepted by, the Participant. In the event that the corporate records (e.g., Committee consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price,
vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will
control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents. 

(b)    Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for the issuance of Shares under the Award pursuant to its terms, and (ii) the issuance of the Common Stock
subject to such Award has been entered into the books and records of the Company (or its transfer agent). 

  
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 (c)    No Employment or Other Service Rights. Nothing in
the Plan, any Award Agreement or any other instrument executed under the Plan or in connection with any Award granted pursuant to the Plan will confer upon any Participant any right to continue to serve the Company or a Subsidiary in the capacity in
effect at the time the Award was granted or will affect the right of the Company or any of its Subsidiaries to terminate the employment of an Employee or the service of a Consultant or Director with or without notice and with or without cause. 

(d)    Change in Time Commitment. In the event a Participant’s regular level of time commitment in the
performance of his or her services for the Company and its Subsidiaries is reduced (for example, and without limitation, if the Participant is an Employee of the Company or any Subsidiary and the Employee has a change in status from full-time to
part-time or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Committee has the right in its sole discretion to (i) make a corresponding reduction in the number of Shares or cash amount subject to
any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such
Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

(e)    Investment Assurances. The Company may require a Participant, as a condition of acquiring Common
Stock under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters, to employ a purchaser representative reasonably satisfactory to the
Company who is knowledgeable and experienced in financial and business matters, and that such Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to
give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common
Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable
securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not
limited to, legends restricting the transfer of the Common Stock. 
 (f)    Withholding Obligations.
Except where otherwise approved by the Committee with respect to an Award, and unless the Participant elects to make a direct payment to the Company, the Company shall withhold Shares that would otherwise be acquired on vesting or settlement of
an Award (valued at their Fair Market Value as of such withholding date) equal to the minimum statutory Federal, State and local taxes, domestic or foreign, required by law or regulation to be withheld in the applicable jurisdiction with respect to
such taxable event under the Plan; provided that the Company may choose to allow the Participant to elect to have up to the maximum amount permitted by law or regulation withheld. Only whole Shares shall be withheld (rounded down so as not to
exceed such limit). Any remaining amount determined by the Company to be due shall be withheld from other compensation due to the Participant by the Company or its Subsidiaries or by the Participant remitting payment to the Company of such amount.
Regardless of whether the Company withholds with respect to any Award, or the method used, the Participant shall retain sole responsibility for all taxes due in connection with his or her Award. 

  
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 (g)    Electronic Delivery. Any reference herein to a
“written” agreement or document will include any agreement or document delivered electronically, filed publicly with the FDIC’s Securities Exchange Act Filings System (or any successor website thereto) or posted on the Company or its
Subsidiaries’ intranet (or other shared electronic medium controlled by the Company or its Subsidiaries to which the Participant has access). 

(h)    Deferrals. To the extent permitted by applicable law, the Committee, in its sole discretion,
(i) may determine that the delivery of Common Stock or the payment of cash, upon the vesting or settlement of all or a portion of any Award, may be deferred, (ii) may establish programs and procedures for deferral elections to be made by
Participants, (iii) may make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s Separation from Service, and (iv) may
implement such other terms and conditions that are consistent with the provisions of the Plan and in accordance with applicable law. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with
Section 409A of the Code, the Committee may provide for distributions while a Participant is still an Employee or otherwise providing services to the Company or its Subsidiaries. 

(i)    Compliance with Section 409A of the Code. Unless otherwise expressly provided for
in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt,
compliant with Section 409A of the Code. If the Committee determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the
terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the
Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of
the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without
regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard to
alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a
lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule. 

(j)    Clawback/Recovery. All Awards granted under the Plan will be subject to clawback, recovery, or recoupment,
as determined by the Committee in its sole discretion, including but not limited to a reacquisition right in respect of previously acquired Shares or other cash or property, (i) as provided in the Company or applicable Subsidiary’s Policy
on Sound Executive Compensation and any other compensation clawback or forfeiture policy implemented by the Company or applicable Subsidiary from time to time and applicable to all Officers of the Company or such Subsidiary on the same terms and
conditions, including without limitation, any such policy adopted to comply with the requirements of applicable law or the rules and regulations of any stock exchange applicable to the Company, (ii) as is required by the Dodd-Frank Wall Street
Reform and Consumer Protection Act, New York Banking 

  
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Law, federal banking law or other applicable law, (iii) as provided in the applicable Award Agreement, (iv) to the extent that the Committee determines that the Participant has been
involved in the altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, or that the Participant has willfully engaged in any activity injurious to the
Company or any of its Subsidiaries, or the Participant’s Separation from Service with the Company or any of its Subsidiaries is with the existence of Cause, and/or (v) in instances of regulatory or capital issues and bad risk behavior
(i.e., significant negative individual actions such as violations of risk policies). No recovery of compensation under this Section will be an event giving rise to a right to resign for “good reason” or “constructive termination”
(or similar term) under any agreement with the Company or any of its Subsidiaries. 
 9.    ADJUSTMENTS UPON CHANGES IN COMMON STOCK;
OTHER CORPORATE EVENTS. 
 (a)    Capitalization Adjustments. In the event of a Capitalization Adjustment, the
Board will appropriately and proportionately adjust, as applicable: (i) the class(es) and maximum number of Shares subject to the Plan, (ii) the class(es) and maximum number of Shares that may be awarded to any person, and (iii) the
class(es) and number of Shares and purchase price per Share subject to outstanding Awards; provided, however, that the number of Shares subject to any Award shall always be a whole number (rounding downward so that any fractional Shares are
disregarded). The Board’s determination will be final, binding and conclusive. 
 (b)    Dissolution or
Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding Shares of Common Stock not subject to a
forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and any Shares subject to the Company’s repurchase rights or subject to a forfeiture
condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Award is still employed or in service; provided, however, that the Board may, in its sole discretion, cause some or all Awards to
become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

(c)    Change in Control. The following provisions will apply to Awards in the event of a Change in Control unless
otherwise provided in the Award Agreement. In the event of a Change in Control, notwithstanding any other provision of the Plan, the Committee will take either of the following actions with respect to Awards, contingent upon the closing or
completion of the Change in Control: 
 (i)    arrange for the surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent bank) to assume or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company
pursuant to the Change in Control), and to assume any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to an Award, in which case if the Participant incurs a Qualifying Termination within one
(1) year following such Change in Control, the Award will vest based on the Committee’s determination of actual performance measured, and Performance Measures adjusted, as of the most recently-completed fiscal quarter. If actual
performance cannot be determined, prorated Awards will be paid based on target achievement of Performance Measures, subject to proration based on the number of whole months that the Participant worked during the Performance Period as a percentage of
the total Performance Period; or. 

  
 Page 10 of 18 

 (ii)    accelerate the time-based vesting, in whole or in part, of any
Award to a date immediately prior to the effective time of such Change in Control, and provide for the vesting of performance-based award based on the Committee’s determination of actual performance measured, and Performance Measures adjusted,
and/or prorated targets as of immediately prior to such Change in Control. If actual performance cannot be determined, prorated Awards will be paid based on target achievement of Performance Measures, subject to proration based on the number of
whole months that the Participant worked during the Performance Period and prior to such Change in Control as a percentage of the total Performance Period. 

The Committee need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The
Committee may take different actions with respect to the vested and unvested portions of an Award. References in this Section to “corporation” shall include any form of entity. 

10.    AMENDMENT & TERMINATION OF THE PLAN. 

The Board may waive, change or amend the Plan, at any time, in any respect the Board deems necessary or advisable, subject only to the
limitations, if any, of applicable law; provided, however, that the approval of the holders of a majority of the Company’s outstanding capital stock shall be required for any amendment that would require an amendment of the
Company’s organization certificate and to the extent required by any applicable law or listing requirement. Except as otherwise provided in the Plan or an Award Agreement or to the extent required by an applicable law or listing requirement, no
amendment of the Plan will materially impair a Participant’s rights under a then-outstanding Award without the Participant’s written consent. 

Unless earlier terminated by the Board, the Plan shall automatically terminate on, and no Awards may be granted ten (10) years after the
effective date of the Original Plan (i.e. April 30, 2029); provided, however, no termination of the Plan, other than to the extent that the Board determines is necessary or advisable to comply with applicable U.S. or foreign laws,
shall adversely affect in any material way any Award previously granted under the Plan, without the written (or electronic) consent of the Participant holding such Award. No Awards may be granted under the Plan after the Plan is terminated. 

11.    CHOICE OF LAW. 

The law of the State of New York will govern all questions concerning the construction, validity and interpretation of this Plan and all
payments hereunder, without regard to that state’s conflict of laws rules. 
 12.    SUCCESSORS. 

All obligations of the Company and its Subsidiaries under the Plan with respect to Awards granted hereunder shall be binding on any successor
to the Company, whether the existence of such successor is the result of a direct or indirect merger, consolidation, purchase of all or substantially all of the business and/or assets of the Company or otherwise. 

  
 Page 11 of 18 

 13.    SEVERABILITY. 

Each provision in this Plan is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby. 
 14.    DEFINITIONS. 

As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a)    “Award” means a grant of a Restricted Stock Award or RSU Award under the Plan. 

(b)    “Award Agreement” means a written (or electronic) document setting forth the terms and
provisions applicable to an Award granted to the Participant under the Plan, which need not be executed unless required by the Committee, and is a condition to the grant of an Award hereunder. 

(c)    “Bank” means Amalgamated Bank, a wholly owned subsidiary of the Company and a New York
state-chartered bank and trust company. 
 (d)    “Board” means the Board of Directors of the
Company. 
 (e)    “Capitalization Adjustment” means any change that is made in, or other events
that occur with respect to, the Common Stock subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation,
stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity
restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities
of the Company will not be treated as a Capitalization Adjustment. 
 (f)    “Cause” shall have
the meaning set forth in the Participant’s employment agreement with the Company or one of its Subsidiaries; or if no such definition exists at the time in question, unless otherwise provided in the applicable Award Agreement, means, with
respect to a Participant, the occurrence of any of the following events: (i) the Participant’s willful failure to substantially perform his or her duties and responsibilities to the Company or any Subsidiary or deliberate violation of a
material Company or Subsidiary policy; (ii) the Participant’s commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (iii) the Participant’s material unauthorized use or disclosure
of any proprietary information or trade secrets of the Company or any Subsidiary or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company or a Subsidiary; or (iv) the
Participant’s willful and material breach of any of his or her obligations under any written plan or covenant with the Company or any Subsidiary. The Committee shall in its discretion determine whether or not a Participant is being terminated
for Cause. The Committee’s determination shall, unless arbitrary and capricious, be final and binding on the Participant, the Company, the Subsidiaries, and all other affected persons. The foregoing definition does not in any way limit the
Company’s or any Subsidiary’s ability to terminate a Participant’s employment or service at any time, and the term “Company” will be 

  
 Page 12 of 18 

 
interpreted herein to include any Subsidiary or successor thereto, if appropriate. Any determination by the Committee that the service of a Participant was terminated with or without Cause for
the purposes of the Plan will have no effect upon any determination of the rights or obligations of the Company, any Subsidiary, or such Participant for any other purpose. For purposes of this definition, Cause shall not be considered to exist
unless the Company or the applicable Subsidiary provides written notice to the Participant which indicates the specific Cause provision in this Plan relied upon, to the extent applicable sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for such Cause. The failure by the Company or such Subsidiary to set forth in such notice any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company or such Subsidiary
hereunder or preclude the Company or such Subsidiary from asserting such fact or circumstance in enforcing the Company’s or such Subsidiary’s rights hereunder. 

(g)    “Change in Control” means, unless otherwise defined in an Award Agreement, the occurrence
of any one or more of the following events: 
 (i)    the consummation of a transaction, or a series of related
transactions undertaken with a common purpose, in which any individual, entity or group (a “Person”), acquires ownership of stock of the Company that, together with stock held by such Person, constitutes more than fifty
percent (50%) of the total fair market value or total voting power of the Company’s stock; or 
 (ii)    a sale,
lease, exchange or other transfer, in one transaction or a series of related transactions undertaken with a common purpose, of the Company’s assets having a total gross fair market value of forty percent (40%) or more of the total gross fair
market value of all of the assets of the Company. For this purpose, “gross fair market value” means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets. 
 For purposes of this Plan, a Change In Control will not include (1) a transaction in which
the holders of the outstanding voting securities of the Company immediately prior to the transaction hold at least fifty percent (50%) of the outstanding voting securities of the successor Company immediately after the transaction; (2) any
transaction or series of transactions approved by the Board principally for bona fide equity financing purposes in which cash is received by the Company or any successor thereto or indebtedness of the Company is cancelled or converted or a
combination thereof; (3) a sale, lease, exchange or other transfer of all or substantially all of the Company’s assets to a majority-owned Subsidiary; or (4) a transaction undertaken for the principal purpose of restructuring the
capital of the Company, including, but not limited to, reincorporating the Company in a different jurisdiction. 
 Notwithstanding the
foregoing, a “Change in Control” will only be deemed to occur if the consummation of the corporate transaction meets the requirements of Reg. Section 1.409A-3(a)(5). 

(h)    “Code” means the Internal Revenue Code of 1986, as amended, and all regulations and formal
guidance issued thereunder, as amended from time to time, or any successor legislation thereto. 

(i)    “Committee” means the Compensation Committee of the Board, or such other committee as shall
be appointed by the Board as provided in Section 2 to administer the Plan. The full Board may choose to retain authority to act as the “Committee” with respect to certain awards made under the Plan or with respect
to certain powers, in which case references herein to the Committee shall be deemed to refer to the full Board. 

  
 Page 13 of 18 

 (j)    “Common Stock” means, as of the date of
the initial public offering, the common stock of the Company, having one vote per share. 

(k)    “Company” means Amalgamated Financial Corp., a public benefit corporation organized under
the laws of the State of Delaware. 
 (l)    “Consultant” means an individual or entity
providing services to the Company or a Subsidiary (not as an Employee) as described in Treas. Reg. §1.409A-1(f)(1) and which for any taxable year accounts for gross income from the performance of services
under the cash receipts and disbursements method of accounting. 
 (m)    “Director” means a
member of the Board. 
 (n)    “Disability” shall have the meaning set forth in the
Participant’s employment agreement with the Company or one of its Subsidiaries; or if no such definition exists at the time in question, unless otherwise provided in the applicable Award Agreement, means a condition under which a Participant
(i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident or health plan covering employees of the Company or any of its Subsidiaries. Disability will be determined by the Committee on the basis of
such medical evidence as the Committee deems warranted under the circumstances. 
 (o)    “Effective
Date” means the date the Plan first becomes effective, as described in Section 1(e) above. 

(p)    “Employee” means any person employed by the Company or any Subsidiary. 

(q)    “Entity” means a corporation, partnership, limited liability bank or other entity. 

(r)    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(s)    “Fair Market Value” means, as of any date, the value of the Common Stock determined as
follows: 
 (i)    If the Common Stock is listed on any established stock exchange or traded on any established market,
the Fair Market Value of a Share will be, unless otherwise determined by the Committee, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock)
on the date of determination, as reported in a source the Committee deems reliable. 
 (ii)    Unless otherwise provided
by the Committee, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

  
 Page 14 of 18 

 (iii)    In the absence of such markets for the Common Stock, the Fair
Market Value will be determined by the Committee in good faith and in a manner that complies with Sections 409A and 422 of the Code. Such determination shall be made in consultation with such independent advisors and/or accountants as the Committee
deems appropriate, and shall assume that the fair market value of the Company is equal to the value of the cash, stock, property or other consideration issued or received by the Company or its stockholders, as applicable, as part of a Change In
Control; provided, however, that among the factors to be considered in determining such Fair Market Value shall be the market value of the shares of comparable financial institutions and the trend of the Company’s earnings; and
provided further, however, that the Committee shall make those equitable adjustments to such value as it determines are necessary to reflect extraordinary circumstances or purchase price adjustments (such as a
non-arms-length sale to an affiliated buyer, a pre-Change in Control distribution of assets to the Company’s stockholders, Company assets excluded from the sale, or
allocation of closing costs). In the event that a portion of the purchase price is to be set aside in an escrow account, the Committee may (but is not required to) adjust the equity value downward to reflect the amount of such escrow funds that it
reasonably anticipates will be applied to cover post-closing claims or otherwise will not be released to the Company or its stockholders. The Committee’s determination shall be binding and conclusive on the Participant, the Company, its
stockholders, any Subsidiary, and each of their successors, heirs and assigns. 
 (t)    “Good
Reason” shall have the meaning set forth in the Participant’s employment agreement with the Company or one of its Subsidiaries; or if no such definition exists at the time in question, unless otherwise provided in the
applicable Award Agreement, means: (i) a material diminution in the Participant’s base compensation; (ii) a material diminution in the Participant’s authority, duty or responsibilities; (iii) a material diminution in the
authority, duties, or responsibilities of the supervisor to whom the Participant is required to report, including a requirement that the Participant report to a corporate officer or employee instead of reporting directly to the Board; (iv) a
material diminution in the budget over which the Participant retains authority; (v) a material change (by more than twenty (20) miles) in the location of the Participant’s principal worksite without the Participant’s consent; or
(vi) any other action or inaction that constitutes a material breach by Company or the applicable Subsidiary of this Plan or other agreement pursuant to which the Participant provides services to the Company or such Subsidiary; provided that,
the Company and the applicable Subsidiary shall have thirty (30) days after receipt of notice from the Participant in writing specifying the deficiency to cure the deficiency, to the extent curable, that would result in Good Reason; provided,
further, that the Participant shall have ninety (90) days from the occurrence of the event that constitutes Good Reason to provide notice to the Company or the applicable Subsidiary that the Participant intends to resign for Good Reason. The
failure by the Participant to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason shall not waive any right of the Participant hereunder or preclude the Participant from asserting such fact or circumstance
in enforcing the Participant’s rights hereunder. 

(u)    (“Non-Employee Director” means a Director who both
(i) is not a current Employee or Officer of the Company or one of its Subsidiaries, and does not receive compensation (either directly or indirectly) from the Company or one of its Subsidiaries for services rendered as a Consultant or in any
capacity other than as a Director, and (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3. 

(v)    “Officer” means a person who is an officer of the Company or one (1) or more of its
Subsidiaries within the meaning of Section 16 of the Exchange Act. 

  
 Page 15 of 18 

 (w)    “Own,” “Owned,”
“Owner,” or “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of
securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such
securities. 
 (x)    “Participant” means a person to whom an Award is granted pursuant to the
Plan or, if applicable, such other person who holds an outstanding Award. 
 (y)    “Performance
Measure” means the performance goals selected for each Participant with respect to each Performance Period, the achievement of which shall determine the amount of the Participant’s Award for the Performance Period. The Performance
Measures may include any of the criteria listed below: earnings (e.g., earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; and earnings per share; each as may be defined by the Committee);
financial return ratios (e.g., return on investment; return on invested capital; return on equity; and return on assets; each as may be defined by the Committee); “Texas ratio”; expense ratio; efficiency ratio; increase in revenue,
operating or net cash flows; cash flow return on investment; total shareholder return; market share; net operating income, operating income or net income; debt load reduction; loan and lease losses; expense management; economic value added; stock
price; book value; overhead; assets; asset quality level; charge offs; loan loss reserves; loans; deposits; nonperforming assets; growth of loans, deposits, or assets; interest sensitivity gap levels; regulatory compliance; improvement of financial
rating; achievement of balance sheet or income statement objectives; improvements in capital structure; profitability; profit margins; budget comparisons or strategic business objectives, consisting of one or more objectives based on meeting
specific cost targets, business expansion goals and goals relating to acquisitions or divestitures; or any other objective approved by the Committee, in its sole discretion. 

The Performance Measures may be determined on a Company-wide basis, with respect to one or more business units, divisions, Subsidiaries, or
business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. The Committee will appropriately make adjustments in the method of calculating the
attainment of Performance Measures for a Performance Period as follows: (i) to exclude restructuring and/or other nonrecurring charges; (ii) to exclude exchange rate effects; (iii) to exclude the effects of changes to
generally-accepted accounting principles; (iv) to exclude the effects of any statutory adjustments to corporate tax rates; (v) to exclude the effects of any “extraordinary items” as determined under generally-accepted accounting
principles; (vi) to exclude the dilutive effects of acquisitions or joint ventures; (vii) to assume that any business divested by the Company-achieved performance objectives at targeted levels during the balance of a Performance Period
following such divestiture; (viii) to exclude the effect of any change in the outstanding Shares by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation,
spin-off, combination or exchange of Shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (ix) to exclude the effects of stock-based
compensation and the award of bonuses under the Company or any Subsidiary’s bonus plans; (x) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally-accepted
accounting principles; (xi) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally-accepted accounting principles; and (xii) to exclude the effect of any other unusual, non-recurring gain or loss or other extraordinary item. In addition, the Committee retains the discretion to increase, reduce or eliminate the compensation or economic benefit due upon attainment of Performance
Measures and to define the manner of 

  
 Page 16 of 18 

 
calculating the Performance Measures it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree
of achievement as specified in the Award Agreement. 
 (z)    “Performance Period” means the
period of time selected by the Committee over which the attainment of one or more Performance Measures will be measured for the purpose of determining a Participant’s right to and the payment of an Award. Performance Periods may be of varying
and overlapping duration, at the sole discretion of the Committee. 
 (aa)    “Plan” means this
Amalgamated Financial Corp. 2021 Equity Incentive Plan, as it may be amended from time to time. 

(bb)    “Qualifying Termination” means the Company or any Subsidiary causes the Participant to
incur a separation from Service (within the meaning of Code Section 409A) other than for Cause, death or Disability, or the Participant voluntarily separates from Service (within the meaning of Code Section 409A) for Good Reason. 

(cc)    “Restricted Stock Award” means an Award of shares of Common Stock granted pursuant to the
terms and conditions of Section 5. 
 (dd)    “RSU Award” means a
right to receive Shares of Common Stock granted pursuant to the terms and conditions of Section 6. 

(ee)    “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

(ff)    “Separation from Service” means a “separation from service” as
defined by Section 409A of the Code. By way of illustration, and without limiting the generality of the foregoing, the following principals shall apply: 

(i)    The Participant shall not be considered to have separated from service so long as the Participant is on military
leave, sick leave, or other bona fide leave of absence, if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with the Company or any Subsidiary under an applicable
statute or by contract. 
 (ii)    Regardless of whether his or her employment has been formally terminated, the
Participant will be considered to have Separated from Service as of the date it is reasonably anticipated by both parties that no further services will be performed by the Participant for the Company or any Subsidiary, or that the level of bona fide
services the Participant will perform after such date will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed over the immediately preceding
thirty-six (36) month period (or the full period of employment if the Participant has been employed for less than thirty-six (36) months). For purposes of the
preceding test, during any paid leave of absence the Participant shall be considered to have been performing services at the level commensurate with the amount of compensation received, and unpaid leaves of absence shall be disregarded. 

(iii)    For purposes of determining whether the Participant has separated from service, all services provided for the
Company or any Subsidiary, or for any other entity that is part of a controlled group that includes the Company as defined in Section 414(b) or (c) of the Code, shall be 

  
 Page 17 of 18 

 
taken into account, whether provided as an employee or as a consultant or other independent contractor; provided that the Participant shall not be considered to have not separated from service
solely by reason of service as a Non-Employee Director or any other such entity. 

(gg)    “Share” or “Shares” means
Shares of Common Stock of the Company. 
 (hh)    “Subsidiary” means, with respect to the
Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of
any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned by the Company, and (ii) any partnership, limited liability company
or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

  
 Page 18 of 18EX-10.4

 Exhibit 10.4 
  

 
 AMALGAMATED FINANCIAL CORP. 2021 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Amalgamated Financial Corp. (the “Company”) hereby grants you restricted stock units through the Amalgamated Financial Corp. 2021
Equity Incentive Plan (the “Plan”), subject to certain restrictions as described herein (“Award,” “Restricted Stock Units,” or “RSUs”). 

 

	
	 
	
Participant
(“you”):                                   
         

	 
	
Date of
Grant:                                        
             

	 
	
Number of Restricted Stock
Units:                     
  

 Vesting Schedule. The vesting and forfeiture provisions that apply to your RSUs are described in the Plan and the
attached Terms and Conditions. In general, so long as you have not Separated from Service, you have not provided notice of your resignation, and the Company or its applicable Subsidiary has not provided notice of your termination for Cause, before a
vesting date, your RSUs will vest (in whole Shares, rounded down) as follows: 
  

			
	 Vesting Date
	  	Percentage of RSUs Vested
	 1st anniversary of Date of Grant
	  	[33 1/3%]
	2nd anniversary of Date of Grant	  	[33 1/3%]
	3rd anniversary of Date of Grant	  	[33 1/3%]

 Effect of Separation from Service. In general, if you Separate from Service before a vesting date for any reason, you
will forfeit all RSUs in which you have not yet vested as of your Separation from Service, unless: 
  

	 	•	 	 Your Separation from Service is due to Disability or retirement (defined as age 65 with 5 continuous years of
service with the Company or its Subsidiaries), and no Cause exists, in which case the unvested portion of your RSUs will continue to vest until the originally set vesting date as if you had not Separated from Service. 

 

	 	•	 	 You die and no Cause exists, or you Separate from Service due to an involuntary termination from the Company and
its Subsidiaries and no Cause exists, or due to your voluntary resignation for Good Reason and no Cause exists, in which case your RSUs will immediately vest on a pro-rata basis based on the number of full
months that you worked since the Date of Grant. 

  

	 	•	 	 You Separate from Service within one year following a Change in Control due to a Qualifying Termination (as
defined in the Plan), in which case your RSUs will become 100% vested as of immediately prior to the effective date of such Change in Control. 

If the Committee determines, at any time, that Cause exists at the time of your Separation from Service, all of your rights under this RSU Award will
terminate immediately, you will forfeit all RSUs that have not yet vested as of the date of your Separation from Service, and the Company shall have the right to repurchase any Shares that you have already received as a result of RSUs that have
already vested, all as described in the Plan. The existence of “Cause” will be determined in the sole discretion of the Committee (or if the Board has chosen to reserve such power, the Board). 

 Note however that, except where there is a Change in Control, or you die or become Disabled, you will not
vest in any portion of your Award prior to the first anniversary after its Date of Grant. 
 Additional Terms. Your rights and duties and those of
the Company under your Award are governed by the provisions of this Award Agreement, and the attached Terms and Conditions and Plan document, both of which are incorporated into this Award Agreement by reference. If there is any discrepancy between
these documents, the Plan document will always govern. 
 This Award is designated as a bonus that is in addition to your regular cash wages. No amount of
Common Stock or income received by you pursuant to this Award will be considered compensation for purposes of any severance or any pension, retirement, insurance or other employee benefit plan or program of the Company or any of its Subsidiaries. It
will not be included in calculating any employment-related benefits to which you may be entitled from the Company or any Subsidiary. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time. This Award
does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise. 
 The governing law for purposes of resolving any issue
relating to this Award or the Plan shall be United States federal law and, where appropriate, the laws of the State of New York. Any dispute regarding this Award or the Plan shall be resolved by a court of law in the City of New York, State of New
York. 
 Questions. If you have any questions regarding your Award, please see the enclosed Terms and Conditions and Plan document, or contact our
Human Resources department. 
  

			
	 AMALGAMATED FINANCIAL CORP.
  

	By	 	  

		 	[Name], [Title]

 AMALGAMATED FINANCIAL CORP. 2021 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT TERMS AND CONDITIONS 

This document is intended to provide you some background on the Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Plan”)
and to help you better understand the terms and conditions of the Restricted Stock Unit award (the “Award,” “Restricted Stock Units,” or “RSUs”) granted to you under the Plan.
References in this document to “our,” “us,” “we,” and the “Company” are intended to refer to Amalgamated Financial Corp. Capitalized terms not defined in
your Award Agreement or these Terms and Conditions have the meanings given to them in the Plan document. 
 Background 

 

	1.	 How are Award recipients chosen? 

Under our current process, the Compensation Committee (the “Committee”) approves executive equity awards, although the Committee may
delegate the power to make non-officer awards to an Officer of the Company or any Subsidiary and the Board has the authority to reserve these powers to the full Board with respect to some or all eligible
individuals. 
  

	2.	 What is the value of my Award? 

The value of each Share covered by your RSU Award is equal to the market price of one Share of Company Common Stock, and will have the same value as
established on the exchange on which the Shares are traded.     
 Under current tax laws, you will be taxed on the market price of the
Share(s) vesting under your RSU Award at the time the Shares (or in certain cases, their cash equivalent) are paid to you in settlement of your Award. We recommend that you consult your personal tax advisor to discuss the potential tax consequences
to you of receiving this Award. 
 Note that no amount of cash or Common Stock received by you pursuant to your Award will be considered compensation for
purposes of any severance or any pension, retirement, insurance or other employee benefit plan of the Company or any of its Subsidiaries. 

Terms and Conditions 
  

	3.	 When will my Restricted Stock Units vest? 

Generally, your RSUs will vest (in whole Shares, rounded down) as set forth in your Award Agreement. 

Your Award Agreement may provide for earlier vesting dates upon specific events. Please refer to your Award Agreement to see if special early vesting dates
apply to your RSUs. 
 The Committee may, in its sole discretion, choose to accelerate or extend the vesting of Awards in special circumstances. 

 

	4.	 When do I receive payment? 

As soon as administratively practical after your Award vests, one Share of our Common Stock will be delivered to you for each RSU that vests. Delivery of
Shares, either electronically or in certificate form (as we determine), will usually be made within approximately 30 days after vesting. Fractional shares will not be paid. In some cases, the Company may instead pay the cash equivalent of the Shares
to you. 

  
 Page 1 

 By accepting this Award, you acknowledge that, except as may otherwise be provided in your Award Agreement,
if you Separate from Service prior to a vesting date, you will forfeit all of your unvested RSUs and any other rights associated with your unvested RSUs under the Plan.     

 

	5.	 Do I have to pay any tax in connection with this RSU Award? 

Yes, if you are a U.S. Employee, you are subject to federal (and in some cases, state and local) income taxes on the fair market value of your RSUs in the year
that you are paid Shares of Common Stock (or in certain cases, their cash equivalent) in settlement of your Award. If you are a U.S. Employee, we are required under current federal (and some state and local) tax laws to withhold taxes from you. This
may be accomplished by withholding whole Shares of Common Stock with an equivalent value. We will round down to the nearest whole Share. To the extent this Share withholding is not sufficient, or is prohibited or limited by applicable law, you will
ultimately be responsible for any additional taxes due. If withholding is determined by us to be not possible or inadequate, we will have the right to require cash payment and/or make deductions from other payments due to you that are sufficient to
satisfy these requirements. If you are a non-U.S. Employee, we will comply with the applicable country tax requirements. 

You may not rely on the Company or any of its Subsidiaries, or any of their Officers, Directors or Employees, for tax or legal advice regarding this Award. We
make no representations with respect to and hereby disclaim all responsibility as to the tax treatment of your Award. 
  

	6.	 What are my rights as a stockholder in my Restricted Stock Units? 

Until you actually receive Shares (if any) in settlement of your Award, you will generally have no rights as a stockholder with respect to those Shares, such
as the right to vote the Shares or the right to receive dividends, unless the Board has specifically provided otherwise in your Award Agreement. 
  

	7.	 Are there restrictions on the transfer of my Restricted Stock Units? 

You may not sell, transfer, pledge, assign, or otherwise alienate or hypothecate your RSUs, whether voluntarily or involuntarily, by operation of law or
otherwise, except upon your death or as otherwise specifically provided in the Plan. If you die, your beneficiary or the personal representative of your estate can act on your behalf. Once you receive any Share, you will normally be entitled to all
rights of ownership to such Share. Under certain circumstances described in the Plan, however, these rights may be delayed or subject to additional limitations or restrictions. 

 

	8.	 How do I designate my beneficiary or beneficiaries? 

You must obtain and file a completed beneficiary designation form with our Human Resources department. Each time you file a beneficiary designation form, all
previously-filed beneficiary designation forms will be revoked and of no further force or effect. If you want to name multiple beneficiaries, all beneficiaries must be listed on a single beneficiary designation form (including attachments, if
necessary). If you do not file a beneficiary designation form, benefits remaining unpaid at your death will be paid to your estate. 
  

	9.	 Are there restrictions on the delivery and sale of Shares? 

Shares issued to you upon the vesting of RSUs are subject to federal securities laws. In some cases, state or local securities laws may also apply. If the
Board determines that certain registrations or filings are 

  
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needed or desired to comply with these various securities laws, then we may delay the delivery of your Shares until the necessary approvals or filings are obtained. In order for us to meet an
exemption from securities registration requirements, we may also require you to provide us with certain information, representations and warranties before we will issue Shares to you. 

Where applicable, the certificates evidencing any Shares may contain wording (or otherwise as appropriate in electronic format) indicating that conditions,
restrictions, rights and obligations apply. 
  

	10.	 Does the receipt of my Award guarantee continued service with the Company or its Subsidiaries?

 No. Neither the establishment of the Plan, your Award of RSUs, nor the issuance of Shares or other consideration in connection with your
Award, gives you the right to continued employment or service with the Company (or any of our Subsidiaries). 
  

	11.	 What events can trigger forfeiture of my Restricted Stock Units? 

Except as may otherwise be specifically provided in your Award Agreement, your unvested RSUs will normally be cancelled and forfeited upon your Separation from
Service. 
 In addition, your RSUs and any cash or Shares paid to you in settlement of your RSUs, and any profits from sale of any such Shares, are subject
to clawback, recoupment or repayment if you commit certain bad acts, you engage in certain practices injurious to the Company or any of its Subsidiaries, or if the Company or any of its Subsidiaries experiences regulatory or capital issues. These
clawback, recoupment and repayment provisions are set forth in detail in Section 8 of the Plan. 
 The Committee may, in its discretion, accelerate the
vesting of your Award in special circumstances, subject to certain provisions of the Plan and the law. 
  

	12.	 What documents govern my Restricted Stock Units? 

The Plan, your Award Agreement, and these Terms and Conditions express the entire understanding between you and the Company with respect to your RSUS. In the
event of any conflict between these documents, the terms of the Plan will always govern. You should never rely on any oral description of the Plan or your Award Agreement because the written terms of the Plan will always govern. The Committee has
the authority to interpret this document and the Plan. Any such interpretation will be binding on you, us, and other persons. 

  
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