Document:

EX-10.11

 Exhibit 10.11 

Amalgamated Bank 
 Annual
Incentive Plan 
 SECTION 1: Establishment & Purpose. 

1.1 Establishment of Plan. The Bank, upon approval by the Committee, hereby establishes this Amalgamated Bank Annual Incentive Plan effective
January 1, 2019 (“Effective Date”). 
 1.2 Purpose of Plan. The purpose of this Plan is to accomplish the
following objectives: 
  

	 	•	 	 to align Participants with the Bank’s strategic plan and critical performance goals, 

 

	 	•	 	 to motivate and reward the achievement of performance goals, 

 

	 	•	 	 to provide competitive total compensation opportunities, 

 

	 	•	 	 to enable the Bank to attract, motivate and retain top talent, 

 

	 	•	 	 to increase engagement and commitment to the Bank, and 

 

	 	•	 	 to ensure incentives are appropriately risk-balanced 

Annual Bonuses under this Plan are payable in cash or other property, but not the equity securities of the Bank or its Subsidiaries. 

1.3 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. 
 SECTION 2: Definitions. 

The following capitalized words when used in this Plan have the following meanings unless a different meaning plainly is required by the context: 

2.1 “Act” means the Securities Exchange Act of 1934, as amended. 

2.2 “Annual Bonus” means an incentive payment, in cash unless otherwise determined by the Committee, due to a Participant upon
the achievement of certain Performance Measures as provided in this Plan. 
 2.3 “Bank” means Amalgamated Bank,
a New York state-chartered bank and trust company, and its successors and assigns. 
 2.4 “Base Salary” means a
Participant’s annualized base salary as of the last day of the applicable Performance Period or, if earlier, the date of promotion, role change, or termination of employment if the Annual Bonus is being prorated due to a promotion or role
change, or a payment is made on account of death, Disability or Retirement. 
 2.5 “Board” means the Board of
Directors of the Bank. 
 2.6 “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. 
 2.7 “Committee”
means the Compensation Committee of the Board, or such other committee as shall be appointed by the Board as provided in Section 3.1 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. 

2.8 “Continuous Service” means the absence of any interruption or termination of service as an Employee or Contractor.
Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Committee, provided that in each case such leave is for a period of not more
than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Bank policy adopted from time to time; or (iv) in the case of transfers between locations of the
Bank or between the Bank, its Affiliates, or their respective successors. Changes in status between service as an Employee and a Contractor will not constitute an interruption of Continuous Service. 

2.9 “Contractor” means an individual or entity providing services to the Bank (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. 

 2.10 “Director” means a member of the Board. 

2.11 “Disability” or “Disabled”, except as otherwise approved by the Committee, shall have the meaning
set forth in the Participant’s employment agreement with the Bank or one of its Subsidiaries; or if no such definition exists at the time in question, 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 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 12 months, receiving income replacement benefits for a period of not less than three
months under an accident or health plan covering employees of the Bank or its Subsidiaries. Disability will be determined by the Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances. 

2.12 “Employee” means any person employed by the Bank or any of its Subsidiaries. 

2.13 “Maximum Annual Bonus” means a dollar amount or a percentage of Base Salary, as determined by the Committee
(or its delegate) for each Performance Period, which represents the payment that the Participant will earn if the maximum level of the Performance Measures is achieved. 

2.14 “Non-Employee Director” means a Director who both (i) is not a current
Employee or Officer and does not receive compensation (either directly or indirectly) from the Bank 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. 
 2.15
“Officer” means a person who is an officer of the Bank within the meaning of Section 16 of the Exchange Act. 
 2.16
“Participant” means any Employee who is determined by the Bank to be expected to work at least twenty hours per week for the Bank and its Subsidiaries, (ii) not covered by a collective bargaining agreement
to which the Bank or any Subsidiary is a party and (iii) not participating in a sales commission plan established or maintained by the Bank or any Subsidiary. 

2.17 “Performance Measures” means the performance goals selected for each Participant or class of Participants with
respect to each Performance Period, the achievement of which shall determine the amount of the Participant’s Annual Bonus for the Performance Period. The Performance Measures may include any 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 Bank-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 Bank-achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (viii) to exclude the
effects of stock-based compensation and the award of bonuses under the Bank’s bonus plans; (ix) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally-accepted
accounting principles; (x) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally-accepted accounting principles; and (xi) 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 calculating the Performance Measures it selects to use for such Performance Period. 
 2.18
“Performance Period” means each consecutive twelve (12)-month period commencing on the first day of each fiscal year of the Bank during the term of this Plan, or a portion of such twelve-month period with respect
to an Employee who becomes a Participant during such period, or such other period as determined by the Committee. As of the Effective Date, the Bank’s fiscal year is the calendar year. 

 2.19 “Plan” means this Amalgamated Bank Annual Incentive Plan. 

2.20 “Retirement” means the Participant’s termination of employment with the Bank and its Subsidiaries while in good
standing at or after age 65 with at least five years of Continuous Service. 
 2.21 “Rule
16b-3” means Rule 16b-3 promulgated under the Act or any successor to Rule 16b-3, as in effect from time to time.

 2.22 “Subsidiary” means, with respect to the Bank, (i) any corporation of which more than 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 Bank, and (ii) any partnership, limited liability company or other entity in which the Bank has a direct or indirect interest (whether in the form
of voting or participation in profits or capital contribution) of more than 50%. For purposes of this definition, “owned” means a 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. 
 2.23
“Target Annual Bonus” means a dollar amount or a percentage of Base Salary determined by the Committee (or its delegate) for each Performance Period, which represents the payment that the Participant will earn if
the target level of the Performance Measures is achieved. 
 2.24 “Threshold Annual Bonus” means a dollar amount or a
percentage of Base Salary, as determined by the Committee (or its delegate) for each Performance Period, which represents the payment that the Participant will earn if the threshold level of the Performance Measures is achieved. 

SECTION 3: Administration. 
  

	3.1	 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 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 any Annual Bonus of a Committee member, such member shall recuse himself or herself from any such vote). 

3.2 Powers of Committee. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to all applicable
provisions of this Plan and applicable law, to: 
  

	 	(a)	 establish, amend, suspend or waive such rules and regulations and appoint such agents as it deems necessary or
advisable for the proper administration of this Plan, 

  

	 	(b)	 construe, interpret and administer this Plan and any instrument or agreement relating to this Plan, including
correcting any defect, supplying any omission or reconciling any inconsistency in the manner and to the extent it shall deem desirable to carry this Plan into effect, 

 

	 	(c)	 waive, prospectively or retroactively, any conditions that apply to any Annual Bonus, 

 

	 	(d)	 increase or decrease the amount of any Annual Bonus, and 

 

	 	(e)	 generally, exercise such powers and perform such acts as the Committee deems necessary or expedient to promote
the best interests of the Bank and that are not in conflict with the provisions of the Plan. 

 3.3 Delegation to an Officer. The
Committee may delegate its powers and duties under this Plan, including but not limited to designating the Performance Measures and other terms of Annual Bonuses, and/or approving achievement of the applicable Performance Measures, to one or more
Officers or a committee of such Officers, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that no such Officer shall have powers with respect to his or her own Annual
Bonus. 
 3.4 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. 
 SECTION 4: Participation. 

Any Employee who, as of the first day of a Performance Period, satisfies the eligibility requirements to become a Participant shall participate in this Plan
for that Performance period. A person who is hired by the Bank or any Subsidiary, or promoted to a position in which he is eligible to be a Participant, during a Performance Period shall participate in this Plan, but any Annual Bonus for such
Performance Period will be pro-rated. 

 SECTION 5: Performance Measures. 

 

	5.1	 Designation of Bonus Levels, Bank Performance Measures and Weightings. Prior to the start of or during
each Performance Period, the Committee shall: 

  

	 	(a)	 establish a Threshold Annual Bonus, Target Annual Bonus and Maximum Annual Bonus for each Participant or class
of Participants (e.g., based on job title); 

  

	 	(b)	 designate the corporate Performance Measures that will apply to such Performance Period; and

  

	 	(c)	 determine the weightings between individual and corporate Performance Measures for each Participant or class of
Participants. 

 5.2 Designation of Individual Performance Measures. The individual Performance Measures for each Participant other
than the Bank’s Chief Executive Officer and his/her direct reports shall be determined by the Chief Executive Officer’s direct report that is above such Participant in the Bank’s organizational structure. The Committee will have the
sole authority to establish the individual Performance Measures for the Bank’s Chief Executive Officer and his/her direct reports. 
 5.3 Approval
of Achievement of Performance Measures. Following the close of each Performance Period and prior to payment of any amount to any Participant under this Plan, the Committee (or its delegate) must approve which of the applicable Bank Performance
Measures for that Performance Period have been achieved and, in the case of the Bank’s Chief Executive Officer and his/her direct reports, the attainment of individual Performance Measures and the corresponding Annual Bonus amounts. Division
managers will approve the attainment of individual Performance Measures and the corresponding Annual Bonus amounts for all Participants other than the Bank’s Chief Executive Officer and his/her direct reports. Such approval shall be made in
time to permit payments to be made as set forth in Section 6. 
 5.4 Individual Pool. The Committee may provide that, regardless of achievement
of Bank Performance Measures for a Performance Period, a bonus pool shall be created that may be used, as determined by the Committee in its sole discretion, to reward certain high-performers. In no event shall such pool exceed the total dollar
amount that would be due based solely upon target level achievement of Individual Performance Measures. 
 SECTION 6: Benefit
Payments & Conditions. 
 6.1 Time and Form of Payments. All payments of Annual Bonuses pursuant to this Plan shall be made not later
than the fifteenth (15th) day of the third (3rd) month following the end of the Performance Period. All payments shall be made in cash, unless otherwise approved by the Committee. 

6.2 Continued Employment. Except as otherwise approved by the Committee or specifically set forth in a written employment agreement between the
Employee and the Bank or one of its Subsidiaries in effect on the date of such payment, no Annual Bonus payment under this Plan with respect to a Performance Period shall be paid or owed to a Participant who, on the date payment is made, is not
employed in good standing with the Bank or one of its Subsidiaries or has delivered notice of resignation to the Bank or one of its Subsidiaries; provided, however, the following special provisions apply in cases of death, Disability or
Retirement: 
  

	 	(a)	 Death or Disability - In the event that the Participant dies or becomes permanently Disabled, the
Participant shall continue to be entitled to a pro-rated Annual Bonus based on his or her period of employment during the Performance Period, and assuming achievement of individual Performance Measures at
target if the death or Disability occurs prior to the end of the Performance Period (or if such death or Disability occurs after the close of the Performance Period, based on actual performance), or 

 

	 	(b)	 Retirement - In the event the Participant Retires after the close of the Performance Period but prior to
payment of the Annual Bonus, the Participant shall be entitled to the full Annual Bonus amount based on actual performance. If the Participant Retires prior to the last day of the Performance Period, the Committee may, but is not obligated to,
approve payment of a prorated Annual Bonus to the Participant based on his or her period of employment during the Performance Period and actual performance. 

Notwithstanding the foregoing, if the Committee determines (at any time) that the Participant willfully engaged, during the Performance Period in which his or
her termination of employment, death or Retirement occurred, in any activity injurious to the Bank, the Committee may choose to forfeit the entire Annual Bonus otherwise due with respect to such Performance Period or may demand that the Participant
repay the Bank any portion of the Annual Bonus already received. In all events of termination of employment, payment (if any) of the Annual Bonus shall be made at the normal time that Annual Bonuses are paid for a Performance Period. 

 6.3 Regulatory Action. Annual Bonuses will not be earned or paid, regardless of achievement of
Performance Measures, (i) to the extent that any regulatory agency issues a formal, written enforcement action, memorandum of understanding or other directive action that, or a regulation, prohibits or limits the eligibility of the Participant
for or pay out of the Annual Bonus to the Participant under the Plan, or (ii) if, after a review of the Bank’s or its Subsidiaries’ credit quality measures, the Committee considers it imprudent to provide or pay out the Annual Bonus
under the Plan. 
 6.4 Ethical Obligations. The Bank and its Subsidiaries are committed to doing business in an honest and ethical manner and to
complying with all applicable laws and regulations. Participant actions are expected to comply with the policies established by the Bank and its Subsidiaries, including their Codes of Ethics and Insider Trading Policies. Any Annual Bonus otherwise
due to a Participant under the Plan may be reduced or eliminated upon a determination by the Committee or any governmental body or official designated by applicable law that the Participant has violated any such laws, regulations, codes or policies.

 6.5 Clawback. A Participant who is an Officer must repay any compensation previously paid or otherwise made available to the Participant under
this Plan (i) to the extent required by the Bank’s Policy on Sound Executive Compensation and any other compensation clawback or forfeiture policy implemented by the Bank from time to time, 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 Bank, (ii) as is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, New York Banking Law,
federal banking law or other applicable law, (iii) 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 Bank, and/or (iv) in instances of regulatory or capital issues and bad risk behavior (i.e., significant negative
individual actions such as violations of risk policies). The Participant acknowledges the rights of the Bank and its Subsidiaries to make deductions from the Participant’s compensation and to engage in any legal or equitable action or
proceeding in order to enforce the provisions of this Section. 
 6.6 Other Restrictions. The Committee may impose other restrictions on any Annual
Bonus, or any cash or property paid in connection with an Annual Bonus, as the Committee deems advisable. 
 SECTION 7: Amendment and
Termination. 
 The Committee may amend, alter, suspend, discontinue or terminate this Plan at any time, except that no such amendment, alteration,
suspension, discontinuation or termination shall be made that would violate applicable law or the rules or regulations of the NASDAQ Stock Market or any other securities rules and regulations that are applicable to the Bank. 

No right to receive an Annual Bonus shall accrue after the termination of this Plan. However, unless otherwise expressly provided by the Committee, any right
to receive an Annual Bonus for the Performance Period in which such termination takes effect may extend beyond the termination of this Plan, and the authority of the Committee and its delegates to amend or otherwise administer this Plan shall extend
beyond the termination of this Plan. 
 SECTION 8: General Provisions. 

8.1 Tax Withholding. The Bank or its Subsidiaries shall be entitled to withhold and deduct from future wages of a Participant (or from other amounts
that may be due and owing to a Participant from the Bank or a Subsidiary), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal, state, local and foreign withholding and
employment-related tax requirements attributable to an Annual Bonus. The Bank may establish such rules and procedures concerning timing of any withholding election as it deems appropriate. Notwithstanding any action taken or not taken by the Bank or
its Subsidiaries, the Participant shall remain solely liable for all taxes due with respect to his or her Annual Bonus. 
 8.2 Nontransferability.
Except as otherwise determined by the Committee, no right to any Annual Bonus under this Plan, whether payable in cash or property, shall be transferable by a Participant other than by will or by the laws of descent and distribution; provided,
however, that if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any Annual Bonus upon the death of the
Participant. No right to any Annual Bonus under this Plan may be pledged, attached or otherwise encumbered, and any purported pledge, attachment or encumbrance thereof shall be void and unenforceable against the Bank. 

8.3 Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered
electronically, or posted on the Bank’s intranet (or other shared electronic medium controlled by the Bank to which the Participant has access). 

8.4 Deferrals. To the extent permitted by applicable law, the Committee, in its sole discretion, (i) may determine that any cash or in-kind payment of any Annual Bonus may be deferred, (ii) may establish programs and procedures for deferral elections to be made by Participants and (iii) 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 Bank. 
 8.5 Compliance with
Section 409A of the Code. This Plan will be interpreted to the greatest extent possible in a manner that makes this Plan and the Annual Bonuses paid hereunder exempt from Section 409A of the Code, and, to the extent not
so exempt, compliant with Section 409A of the Code. Notwithstanding anything to the contrary in this Plan, if a Participant holding an Annual Bonus 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. 
 8.6 Headings. Headings are given to the Sections and subsections of this Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof. 

8.7 Successors. All obligations of the Bank under this Plan shall be binding on any successor to the Bank, 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 Bank or otherwise. 

8.8 No Employment or Other Service Rights. Nothing in this Plan or any instrument executed under the Plan or in connection with any Annual Bonus will
confer upon any Participant any right to continue to serve the Bank or a Subsidiary in the capacity in effect at the commencement of participation or any Performance Period or will affect the right of the Bank or any of its Subsidiaries to terminate
the employment of an Employee with or without notice and with or without cause. Any Participant’s employment with the Bank and any of its Subsidiaries shall continue to be at-will. 

8.9 No Trust or Fund Created. This Plan, and any action taken pursuant to the provisions thereof, shall not create or be construed to create a trust or
separate fund of any kind, or a pledge or a fiduciary relationship between the Bank or any Subsidiary and a Participant or any other person or to require the Bank to segregate any funds for a Participant’s benefit. To the extent that any person
acquires a right to receive payments from the Bank or any Subsidiary pursuant to this Plan, such right shall be no greater than the right of any unsecured general creditor of the Bank or of any Subsidiary. 

8.10 Governing Law. The validity, construction and effect of this Plan or any Annual Bonus payable under this Plan shall be determined in accordance
with the laws of the state in which the Participant is employed. 
 8.11 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. 

This Plan is being executed, on behalf of the Bank, by the undersigned duly-authorized officer of the Bank. 

 

			
	Amalgamated Bank
		
	By:	 	 /s/ James Paul

		 	James Paul
		 	Chief Administrative OfficerEX-10.12

 Exhibit 10.12 

AMALGAMATED BANK 

NONQUALIFIED STOCK OPTION AGREEMENT 

This Nonqualified Stock Option Agreement (“Agreement”) is entered on [DATE], between Amalgamated Bank (the
“Bank”) and EMPLOYEE/BOARD MEMBER (the “Award Recipient”). 
 WHEREAS, [NUMBER OF SARS] Stock
Appreciation Rights (“SARs”) were issued to the Award Recipient on [DATE] (“Grant Date”) under the Bank’s [YEAR] Long-Term Incentive Plan (the “Award”); 

WHEREAS, the Award, as originally granted, was exempt from Section 409A of the Code because it satisfied the requirements for stock
appreciation rights under Treasury Regulations Section 1.409A-1(b)(5)(i)(B); 
 WHEREAS, the
parties wish to make minor amendments to the Award in a manner that allows it to continue to qualify for exemption from Section 409A of the Code by satisfying the requirements for nonqualified stock options under Treasury Regulations Section 1.409A-1(b)(5)(i)(A); and 
 WHEREAS, no changes will be made to the Award that will provide
the Award Recipient with any direct or indirect reduction in the exercise price of the Award or that would otherwise constitute an impermissible modification under Treasury Regulations Section 26 C.F.R. §
1.409A-1(b)(5)(v)(B). 
 NOW, THEREFORE, in consideration of the premises, it is agreed that the
original Award shall be amended and replaced to provide in full as follows: 
 1. Conditional Award of Stock Options 

1.1 Upon the terms and conditions of this Agreement, the Bank hereby restates and converts the SARs to the form of nonqualified stock options
with respect to [NUMBER OF SHARES] of the Class A common stock of the Bank (“Common Stock”) that become exercisable based upon satisfaction of the conditions set forth herein (the “Award”). 

1.2 The exercise price of each share of Common Stock (“Share”) with respect to which a Stock Option is granted hereunder is
equal to the Fair Market Value of a Share at the Grant Date. 
 1.3 Upon exercise of a Stock Option and the attendant surrender of Stock
Options, the Award Recipient will be entitled to receive payment of an amount determined by multiplying – 
  

	 	(a)	 the excess of the Fair Market Value of a Share on the date of exercise of the Stock Option over the exercise
price per Share of the Stock Options, by 

  

	 	(b)	 the number of Shares with respect to which the Stock Options have been exercised. 

 

 2. Award Restrictions and Vesting Conditions 

2.1 The Stock Options may be exercised in accordance with the following schedule, provided that on the applicable date below the Award
Recipient remains in the Continuous Service of the Bank. 
  

					
	 Applicable Date
	  	Percentage of Award that
may be Exercised	 
	 January 1, 20__
	  	 	33.3	% 
	 January 1, 20__
	  	 	33.3	% 
	 January 1, 20__
	  	 	33.4	% 

 provided, however, that on each date above if a fraction of a Share would first become exercisable, a whole Share shall become
exercisable in lieu thereof and on the last date on which a portion of the Award becomes exercisable, the number of Stock Options that become exercisable will be the total number of Stock Options awarded less the total number of Stock Options that
previously became exercisable. 
 2.3 The Stock Options shall expire and may not be exercised later than ten (10) years following the
Grant Date (the “Term”). 
 2.4 Notwithstanding the foregoing, the Stock Options shall become accelerated and immediately
exercisable in the event of the Award Recipient’s termination of employment as a result of death. 
 2.5 To the extent that an Award
Recipient is not entitled to exercise a Stock Option at the date of his or her termination of Continuous Service, or if the Award Recipient (or other Person entitled to exercise the Stock Option) does not exercise the Stock Option to the extent so
entitled within the time specified in this Agreement or below (as applicable), the Stock Option shall terminate. In no event may any Stock Option be exercised after the expiration of the Stock Option Term as set forth in this Agreement. 

2.6 The following provisions shall apply when there is a termination of the Award Recipient’s Continuous Service: 

 

	 	(a)	 Termination other than Upon Disability or Death or for Cause. In the event of termination of an Award
Recipient’s Continuous Service (other than as a result of Award Recipient’s death, Disability, retirement after age 65 or termination for Cause), the Award Recipient shall have the right to exercise a Stock Option at any time up to the
earlier of the expiration of the Term of such Stock Option or within three (3) months following such termination to the extent the Award Recipient was entitled to exercise such Stock Option at the date of such termination.

  

	 	(b)	 Disability. In the event of termination of an Award Recipient’s Continuous Service as a result of
his or her being Disabled, the Award Recipient shall have the right to exercise all vested Stock Options at any time up to the earlier of the expiration of the Term of such Stock Option or within three (3) years following such termination of
Continuous Service, and all unvested Stock Options will continue to vest according to the vesting schedule in Section 2.1 and can be exercised, once vested, for up to three (3) years from the vesting date. 

  
 2 

	 	(c)	 Retirement. In the event of termination of an Award Recipient’s Continuous Service as a result of
Award Recipient’s retirement after age 65, the Award Recipient shall have the right to exercise the Stock Option at any time up to the earlier of the expiration of the Term of such Stock Option or within three (3) years following such
termination to the extent the Award Recipient was entitled to exercise such Stock Option at the date of such termination. 

  

	 	(d)	 Death. In the event of the death of an Award Recipient during the period of Continuous Service since the
Grant Date of a Stock Option, then all unvested Stock Options will vest immediately and the Stock Option may be exercised at any time up to the earlier of the expiration of the Term of the Stock Option or one (1) year following the date of the
Award Recipient’s death, in each case by the Award Recipient’s estate or by a Person who acquired the right to exercise the Stock Option by bequest or inheritance. 

 

	 	(e)	 Cause. If the Committee determines that an Award Recipient’s Continuous Service terminated due to
Cause, the Award Recipient shall immediately forfeit the right to exercise any Stock Option, and it shall be considered immediately null and void. 

2.7 Awards under this Agreement shall be subject to forfeiture or recoupment by the Bank or as otherwise required by law, consistent with the
Bank’s Policy on Sound Executive Compensation, as such policy may be amended from time to time. 
 2.8 To exercise the Stock Options,
the Person entitled to exercise the Stock Options must provide a signed written notice or the equivalent to the Bank or its designee, as prescribed by the Committee, stating the number of Shares with respect to which the Stock Options are being
exercised. Such notice shall be accompanied by payment in full of the aggregate exercise price and any required tax withholding, at the election of the Award Recipient (or other Person entitled to exercise), in cash, by salary deduction
authorization, by check, bank draft or money order payable to the order of Company. If the Committee approves, the Executive may also satisfy all or a portion of his obligation by: (a) the Bank withholding and not issuing a number of Shares of
Common Stock otherwise issuable upon the exercise of the Stock Option which Shares have a Fair Market Value equal to the aggregate exercise price on the exercise date as determined by the Committee, (b) payment in full or part in the form of
Shares of Common Stock owned by the Award Recipient (and for which the Award Recipient has good title free and clear of any liens and encumbrances) based on the Fair Market Value of the Common Stock on the exercise date as determined by the
Committee, or (c) other methods as may be acceptable to the Committee. No Common Stock shall be issued under this Stock Option until payment has been made or arranged, as provided herein. 

3. Additional Restrictions on Stock Options 

3.1 During the Award Recipient’s lifetime, the Stock Options may be exercised only by the Award Recipient or by the Award
Recipient’s guardian or legal representative. The Stock Options must be exercised while the Award Recipient is employed by the Bank, or in the event of a termination of employment, for such period following termination under certain
circumstances, as may be provided in Section 2.6 of this Agreement. Notwithstanding the foregoing, no Stock Option may be exercised more than ten years following the Grant Date. 

  
 3 

 3.2 In the event the Award Recipient is discharged from the employ of the Bank or an
Affiliate for Cause, the Award Recipient shall forfeit the right to exercise any portion of these Stock Options, which shall be immediately null and void. 

3.3 The Stock Options shall not entitle the Award Recipient to any incidents of ownership (including, without limitation, dividend and voting
rights) in any Shares of Common Stock of the Bank. Neither the Stock Options nor the right to enjoy any other rights or interests thereunder or hereunder may be sold, assigned, donated, transferred, exchanged, pledged, hypothecated, or otherwise
encumbered, whether voluntarily or involuntarily. The Bank shall not segregate any assets in connection with Stock Options granted under this Agreement. The rights of an Award Recipient to benefits under this Agreement shall be solely those of a
general, unsecured creditor of the Bank. 
 4. Payout of Stock Options 

Upon exercise of a Stock Option, the Award Recipient will be issued Shares of Common Stock as soon as practicable after the exercise date,
subject to the Bank’s compliance with applicable securities laws as described in Section 6.1. 
 Common Stock acquired pursuant to
the exercise of a Stock Option is subject to the terms and conditions of the Bank’s Organization Certificate, bylaws, and other governing documents of the Bank, as they may be amended from time to time. 

5. Tax Matters 
 5.1 The
Bank shall have the right to withhold from any payments under this Agreement, or to collect as a condition of payment, any taxes required by law to be withheld. By accepting this Agreement, the Award Recipient agrees that he or she is solely
responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code) and that the Bank shall not have any obligation whatsoever to pay such taxes. 

5.2 The Award Recipient understands that the Award Recipient (and not the Bank) shall be responsible for the Award Recipient’s own tax
liability that may arise as a result of the transactions contemplated by this Agreement. 
 5.3 It is intended that the payments and
benefits provided under this Agreement will comply with the requirements of Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”) or an exemption therefrom. The Agreement shall
be interpreted, construed, administered, and governed in a manner that effects such intent. No exercise and payout of any Stock Options shall be permitted unless permitted under Section 409A. 

  
 4 

 6. Additional Conditions 

6.1 The Award Recipient acknowledges and makes the representations and warranties as described below and agrees to provide such other
representations and warranties and take such actions as otherwise may be requested by the Bank for compliance with applicable laws, and any issuance of Common Stock by the Bank shall be made in reliance upon the express representations and
warranties of the Award Recipient that: 
  

	 	(a)	 In evaluating the merits and risks of an investment in the common stock, he or she has and will rely upon the
advice of his or her own legal counsel, tax advisors, and/or investment advisors. 

  

	 	(b)	 he or she is aware that any value the Common Stock may have depends on vesting as well as the Fair Market Value
of the Common Stock. 

  

	 	(c)	 he or she has read and understands the restrictions and limitations set forth in this Agreement and the
Bank’s governing documents, which are imposed on the Common Stock. 

  

	 	(d)	 At no time was an oral representation made to him/her relating to the acquisition of Common Stock and the Award
Recipient was not presented with or solicited by any promotional meeting or material relating to the Common Stock. 

 The Award Recipient
agrees, as a condition of exercising or acquiring Common Stock under this Award, to execute such additional documents and provide such additional assurances as may be requested by the Bank. The Award Recipient further acknowledges that the Bank may,
upon advice of legal counsel to the Bank, place legends on stock certificates issued in settlement of this Award as such legal 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. 
 7. Adjustments to Stock Option 

Appropriate adjustments shall be made to the number and class of Shares of Common Stock subject to the Stock Option and to the exercise price,
as set forth below: 

  
 5 

 7.1 Changes in Capitalization. The Committee may equitably adjust the number of
Shares covered by each outstanding Award, as well as the exercise price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares of Common Stock of the Bank resulting from a stock-split,
reverse stock-split, stock dividend, combination, recapitalization or reclassification of the Common Stock of the Bank, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Bank. In the
event of any such transaction or event, the Committee may provide in substitution for all or a portion of this Award such alternative consideration (including securities of any surviving entity) as it may in good faith determine to be equitable
under the circumstances and may require in connection therewith the surrender of all Stock Options so replaced. In any case, such substitution of securities shall not require the consent of the Award Recipient. Except as expressly provided herein,
if the Bank issues for consideration shares of stock of any class or securities convertible into shares of stock of any class, the issuance shall not affect, and no adjustment by reason thereof shall be required to be made with respect to the number
or price of Shares subject to this Award. 
 7.2 Dissolution or Liquidation. In the event of the dissolution or liquidation of the
Bank other than as part of a Change in Control, this Award will terminate immediately prior to the consummation of such action, subject to the ability of the Committee to exercise any discretion authorized in the case of a Change in Control. 

7.3 Change in Control. In the event of a Change in Control, the Committee may in its sole and absolute discretion and authority,
without obtaining the approval or consent of the Bank’s shareholders or the Award Recipient, take one or more of the following actions to the extent consistent with Section 409A of the Code: 

 

	 	(a)	 automatically vest in full or part (and to the extent applicable, make exercisable, in full or in part) the
Award; 

  

	 	(b)	 arrange for or otherwise provide that the Award shall be assumed or a substantially similar award shall be
substituted by a successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”); 

  

	 	(c)	 require that all outstanding Stock Options be exercised on or before a specified date (before or after such
Change in Control) fixed by the Committee, after which specified date all unexercised Stock Options shall terminate; 

  

	 	(d)	 arrange or otherwise provide for the payment of cash or other consideration to the Award Recipient in exchange
for the satisfaction and cancellation of this Award; or 

  

	 	(e)	 make such other modifications, adjustments or amendments to this Award as the Committee deems necessary or
appropriate, subject however to the terms of Section 7.5 below. 

 7.4 Certain Distributions. In the event of
any distribution to the Bank’s shareholders of securities of any other entity or other assets (other than dividends payable in cash or stock of the Bank) without receipt of consideration by the Bank, the Committee may, in its discretion,
appropriately adjust the price per Share Equivalent covered by each outstanding Award to reflect the effect of such distribution. 

  
 6 

 7.5 Modification, Extension, and Renewal of Awards. Within the limitations of this
Agreement, the Committee may modify this Award to accelerate the rate at which a Stock Option may be exercised (including without limitation permitting a Stock Option to be exercised in full without regard to the installment or vesting provisions of
this Agreement or whether the Stock Option is at the time exercisable, to the extent it has not previously been exercised), to accelerate the vesting of this Award, to extend or renew this Award in compliance with Section 409A, to the extent
applicable, or to accept the cancellation of this Award to the extent not previously exercised. However, the Committee may not cancel an outstanding Stock Option that is underwater for the purpose of reissuing the Stock Option to the Participant at
a lower exercise price or granting a replacement award of a different type. 
 7.6 Limitations on Repricing. Except as permitted in
Section 7.1 for a change in capitalization or Section 7.3 for a Change in Control, the terms of this Award may not be amended to reduce the exercise price of outstanding Stock Options or cancel outstanding Stock Options in exchange for
cash, other awards, or Stock Options with an exercise price that is less than the exercise price of the original Stock Options without stockholder approval. 

8. No Contract of Employment Intended 

Nothing in this Agreement shall confer upon the Award Recipient any right to continue in the employment of the Bank or to interfere in any way
with the right of the Bank to terminate the Award Recipient’s employment relationship with the Bank at any time. 
 9. Binding Effect

 This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors,
administrators and successors. 
 10. Definitions 

The following capitalized terms used in this Agreement shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person (as defined below), any other Person that directly or indirectly controls or is controlled by
or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have meanings correlative
to the foregoing. 
 “Applicable Law” means the legal requirements relating to this plan under applicable U.S. federal and state laws, the
Code, and the applicable laws of any other country or jurisdiction where Awards are granted, as such laws, rules, regulations and requirements shall be in place from time to time. 

  
 7 

 “Bank” means Amalgamated Bank, a New York commercial bank; provided, however, that
in the event the Bank reincorporates to another jurisdiction, all references to the term “Bank” shall refer to the Bank in such new jurisdiction. 

“Board” means the Board of Directors of the Bank. 

“Cause” for termination of the Award Recipient’s Continuous Service will exist if the Award Recipient is terminated from employment or
other service with the Bank for any of the following reasons: (i) the Award Recipient’s willful failure1 to substantially perform his or her duties and responsibilities to the Bank or
deliberate violation of a material Bank policy; (ii) the Award Recipient’s commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (iii) the Award Recipient’s material unauthorized
use or disclosure of any proprietary information or trade secrets of the Bank or any other party to whom the Award Recipient owes an obligation of nondisclosure as a result of his or her relationship with the Bank; or (iv) the Award
Recipient’s willful and material breach of any of his or her obligations under any written agreement or covenant with the Bank. 
 The Committee shall
in its discretion determine whether or not the Award Recipient is being terminated for Cause. The Committee’s determination shall, unless arbitrary and capricious, be final and binding on the Award Recipient, the Bank, and all other affected
persons. The foregoing definition does not in any way limit the Bank’s ability to terminate the Award Recipient’s employment at any time, and the term “Bank” will be interpreted herein to include any of its Affiliates or
successor thereto, if appropriate. 
 “Change in Control” means, 
  

	 	(a)	 the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of more than 25 percent (25%) of the combined voting
power of the Bank’s then outstanding securities; provided, however, that for purposes of this paragraph (a), of this definition the following acquisitions shall not constitute a Change in Control: 

 

	 	(i)	 any acquisition of securities directly from the Bank, 

 

	 	(ii)	 any acquisition of securities by the Bank, 

 

	 	(iii)	 any acquisition of securities by any employee benefit plan (or related trust) sponsored or maintained by the
Bank or any corporation controlled by the Bank, or 

  

	1 	 Drafting Note: For 2016 (and possibly 2016) awards, delete “willful” and add “, neglect
of or refusal” after ‘failure’. 

  
 8 

	 	(iv)	 any acquisition of securities by any corporation or entity pursuant to a transaction that does not constitute a
Change in Control under paragraph 

  

	 	(c)	 of this definition; or 

 

	 	(b)	 Individuals who, as of the date the Bank’s 2017 Long-Term Incentive Plan was adopted by the Board (the
“Approval Date”), constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the
Approval Date whose election, or nomination for election by the Bank’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless
such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a person other than the Incumbent Board; or 

  

	 	(c)	 consummation of a reorganization, merger, or consolidation (including a merger, or consolidation of the Bank or
any direct or indirect subsidiary of the Bank), or sale or other disposition of all or substantially all of the assets of the Bank (a “Business Combination”), in each case, unless, following such Business Combination,

  

	 	(i)	 all or substantially all of the individuals and entities who were the beneficial owners of the Bank’s
outstanding Common Stock and the Bank’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or indirect beneficial ownership, respectively, of more than
50 percent (50%) of the then outstanding shares of common stock, and more than 50 percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the
corporation resulting from such Business Combination (which, for purposes of this subparagraph (c)(i) and paragraphs (c)(ii) and (c)(iii) shall include a corporation which as a result of such transaction owns the Bank or all or substantially all of
the Bank’s assets either directly or through one or more subsidiaries), and 

  

	 	(ii)	 except to the extent that such ownership existed prior to the Business Combination, no person (excluding any
corporation resulting from such Business Combination or any employee benefit plan or related trust of the Bank or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25 percent (25%) or more of
the then outstanding shares of common stock of the corporation resulting from such Business Combination or 25 percent (25%) or more of the combined voting power of the then outstanding voting securities of such corporation, and

  

	 	(iii)	 at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

  
 9 

	 	(d)	 approval by the shareholders of the Bank of a plan of complete liquidation or dissolution of the Bank.

 “Code” means the U.S. Internal Revenue Code of 1986, as amended. All references to specific Sections of the Code
include the applicable regulations or guidance issued thereunder, as those may be amended from time to time. 
 “Committee” means the
Compensation Committee of the Board, or if no such Committee is appointed, the Board. “Continuous Service” means the absence of any interruption or termination of service as an 

Employee, Director or Contractor. Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave;
(iii) any other leave of absence approved by the Committee, provided that in each case such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or
unless provided otherwise pursuant to Bank policy adopted from time to time; (iv) changes in status from Director to advisory director or emeritus status; or (iv) in the case of transfers between locations of the Bank or between the Bank,
its Affiliates, or their respective successors. Changes in status between service as an Employee and a Director, or between an Employee and a Contractor, will not constitute an interruption of Continuous Service. 

“Contractor” means an individual or entity providing services to the Bank (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. 

“Director” means a member of the Board. 

“Disabled” or “Disability” refers to a condition under which a Participant – 

 

	 	(a)	 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 12 months; or 

  

	 	(b)	 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 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 Bank.

 “Employee” means any person whom the Bank classifies as an employee (including an officer) for employment tax
purposes. The payment by the Bank of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Bank. 

  
 10 

 “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 of Common Stock shall be the closing sales price for such Common 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 shall be the closing selling price on the last preceding date for which such quotation as described in clause (i) above exists; or (iii) in
the absence of such markets for the Common Stock, the Fair Market Value shall be determined by the Committee in good faith by the reasonable application of a reasonable valuation method and in a manner that complies with Section 409A of the
Code. 
 “Person” means any natural person, association, trust, business trust, cooperative, corporation, general partnership, joint
venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality, unincorporated organization, or organizational entity. 

11. Treatment upon Death 

Upon the Award Recipient’s death, any such interest will be transferred as provided in the Award Recipient’s will or according to
the applicable laws of descent and distribution. 
 12. Notices 

Any notice or communication required or permitted by any provision of this Agreement to be given to the Award Recipient shall be in writing or
by electronic means as set forth in Section 18 and, if in writing, shall be delivered personally or sent by certified mail, return receipt requested, addressed to the Award Recipient at the last address that the Bank had for the Award Recipient
on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Agreement. Any such notice shall be deemed to be given as of the date such notice is personally
delivered or properly mailed, or electronically delivered. 
 13. Modifications 

This Agreement may be modified or amended at any time without the consent of the Award Recipient; provided that, except as otherwise
provided by Applicable Law, the Award Holder must consent in writing or by electronic means to any modification that adversely alters or impairs any vested rights or obligations under this Stock Option. Notwithstanding the foregoing, the Bank
reserves the right to amend or terminate this Agreement as necessary to comply with Section 409A. 
 14. Headings 

Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define or
limit the scope or intent of this Agreement or any provision hereof. 

  
 11 

 15. Severability 

Every provision of this Agreement is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or
invalidity shall not affect the validity or legality of the remaining terms of this Agreement. 
 16. General 

16.1 This Agreement contains all terms of the Award and supersedes and replaces all prior discussions and documents relating to the Award,
including but not limited to the original Stock Appreciation Rights Agreement referenced at the beginning of this Agreement. 
 16.2 The
Bank shall be entitled, at its option and not in lieu of any other remedies to which it may be entitled, to set off any amounts due the Bank or any Affiliate against any amount due and payable by the Bank or any Affiliate to an Award Recipient
pursuant to this Agreement or otherwise. 
 16.3 All section references are to sections of this Agreement unless otherwise specified. 

16.4 The Bank shall not segregate any assets in connection with Stock Options granted under this Agreement. The rights of the Award Recipient
to benefits under this Agreement shall be solely those of a general, unsecured creditor of the Bank. 
 16.5 This Award shall be subject to
forfeiture or recoupment by the Bank or as otherwise required by law, consistent with the Bank’s Policy on Sound Executive Compensation, as such policy may be amended from time to time. 

16.6 Administration. The Committee shall administer this Award in accordance with its terms, provided that the Board may act in
lieu of the Committee on any matter. The Committee shall hold meetings at such times and places as it may determine and shall make such rules and regulations for the conduct of its business as it deems advisable. In the absence of a duly-appointed
Committee, or if the Board otherwise chooses to act in lieu of the Committee, the Board shall function as the Committee for all purposes of this Award. 

Subject to the provisions of this Agreement, the Committee shall have the authority, in its sole discretion: 

 

	 	(i)	 to determine, from time to time, Fair Market Value; 

 

	 	(ii)	 to determine, and to set forth in this Agreement, the terms and conditions of this Award, including any
applicable exercise price, the installments and conditions under which this Award shall become vested (which may be based on performance), terminated, expired, cancelled, or replaced, and the circumstances for vesting, acceleration or waiver of
forfeiture restrictions, and other restrictions and limitations; 

  
 12 

	 	(iii)	 to approve the form of this Agreement and all other documents, notices, and certificates in connection
therewith, which need not be identical either as to type of Award or among other Award Recipients; 

  

	 	(iv)	 to construe and interpret the terms of this Agreement, to determine the meaning of their terms, and to
prescribe, amend, and rescind rules and procedures relating to this Award and its administration; 

  

	 	(v)	 in order to fulfill the purposes of this Award and without amending this Agreement, modify, cancel, or waive
the Bank’s rights with respect to this Award, and to adjust or to modify this Agreement for changes in Applicable Law; and 

  

	 	(vi)	 to make all other interpretations and to take all other actions that the Committee may consider necessary or
advisable to administer this Award or to effectuate its purposes. 

 Subject to Applicable Law and the restrictions set forth in this
Agreement, the Committee may delegate administrative functions to individuals who are officers, or Employees of the Bank or its Affiliates. If the Award Recipient is not an officer, the Committee may delegate to appropriate officers of the Bank its
authority to determine the size and type of Awards to be received by the Award Recipient and to set and modify the terms of such Award; provided, however, that all such Awards shall comply with the terms of this Agreement. Any actions taken
by the delegate shall be treated as actions by the Committee. 
 The Committee shall have the sole discretion to interpret or construe ambiguous, unclear,
or implied (but omitted) terms in any fashion it deems to be appropriate, and to make any findings of fact needed in the administration of this Agreement. The Committee’s prior exercise of its discretionary authority shall not obligate it to
exercise its authority in a like fashion thereafter. The 
 Committee’s interpretation and construction of any provision of this Agreement shall be
final, binding, and conclusive. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly
arbitrary or capricious. 
 Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the Committee, shall be
liable for any act, omission, interpretation, construction, or determination made in good faith with respect to this Award or this Agreement. The Bank and its Affiliates shall pay or reimburse any member of the Committee, as well as any Director or
Employee, who takes action in connection with this Award for all expenses incurred with respect to this Award, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and costs
(including reasonable attorney’s fees) arising out of their good faith performance of duties under this Award. The Bank and its Affiliates may obtain liability insurance for this purpose. 

17. Governing Law 
 The
laws of the State of New York shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto. 

  
 13 

 18. Electronic Delivery; Acceptance of Agreement 

The Bank may, in its sole discretion, deliver any documents related to this Award by electronic means or request the Award Recipient’s
consent to this Award by electronic means. By accepting the terms of this Agreement, the Award Recipient hereby consents to receive such documents by electronic delivery and agrees to participate in this Award through an on-line or electronic system established and maintained by the Bank or a third party designated by the Bank. 

IN WITNESS WHEREOF, the Award Recipient and the Bank have signed this Agreement. 

 

									
	AMALGAMATED BANK	 		 	AWARD RECIPIENT
					
	By	 	 	 		 	 	 	 
	Name:	 	Keith Mestrich	 		 	Name:	 	 
	Title:	 	President & CEO	 		 	Title:	 	 
					
	Date:	 	 	 		 	Date:	 	 

  
 14

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