Document:

EX-10.5

 Exhibit 10.5 

COLLECTIVE BARGAINING AGREEMENT 

BETWEEN 
 AMALGAMATED
BANK 
 AND 

OFFICE & PROFESSIONAL EMPLOYEES INTERNATIONAL UNION, 

LOCAL 153, AFL-CIO 

 TABLE OF CONTENTS 

 

					
	 	  	Page No.	 
	 ARTICLE I: RECOGNITION
	  	 	4	 
	 ARTICLE II: UNION SECURITY
	  	 	5	 
	 ARTICLE III: PROBATION
	  	 	6	 
	 ARTICLE IV: TEMPORARIES
	  	 	6	 
	 ARTICLE V: DUES CHECK-OFF
	  	 	7	 
	 ARTICLE VI: NON-DISCRIMINATION
	  	 	8	 
	 ARTICLE VII: HOURS
	  	 	8	 
	 ARTICLE VIII: HOLIDAYS
	  	 	9	 
	 ARTICLE IX: PERSONAL DAYS
	  	 	10	 
	 ARTICLE X: OVERTIME
	  	 	11	 
	 ARTICLE XI: MEAL AND TRANSPORTATION ALLOWANCES
	  	 	11	 
	 ARTICLE XII: VACATIONS
	  	 	12	 
	 ARTICLE XIII: DISMISSALS
	  	 	14	 
	 ARTICLE XIV: RESIGNATION
	  	 	15	 
	 ARTICLE XV: PAID ABSENCE/SICK LEAVE
	  	 	15	 
	 ARTICLE XVI: LACTATION
	  	 	18	 
	 ARTICLE XVII: LATENESS
	  	 	18	 
	 ARTICLE XVIII: UNPAID FAMILY AND MEDICAL LEAVE
	  	 	20	 
	 ARTICLE XIX: OTHER UNPAID LEAVE
	  	 	23	 
	 ARTICLE XX: DISABILITY
	  	 	24	 
	 ARTICLE XXI: BEREAVEMENT
	  	 	24	 
	 ARTICLE XXII: HOSPITALIZATION, MEDICAL, DRUG & DENTAL COVERAGE
	  	 	25	 
	 ARTICLE XXIII: TERM LIFE INSURANCE
	  	 	27	 
	 ARTICLE XXIV: JOB CLASSIFICATIONS
	  	 	28	 
	 ARTICLE XXV: PROMOTIONS, UPGRADING & TRANSFERS
	  	 	29	 
	 ARTICLE XXVI: PENSION, DISABILITY
	  	 	31	 
	 ARTICLE XXVII: GRIEVANCE AND ARBITRATION
	  	 	31	 
	 ARTICLE XXVIII: SENIORITY AND LAY-OFF
	  	 	33	 
	 ARTICLE XXIX: REPORTING ABSENCES
	  	 	33	 
	 ARTICLE XXX: PART TIME EMPLOYEES
	  	 	34	 
	 ARTICLE XXXI: TUITION
	  	 	34	 
	 ARTICLE XXXII: DISCIPLINE
	  	 	36	 
	 ARTICLE XXXIII: WAGE INCREASES
	  	 	36	 
	 ARTICLE XXXIV: MISCELLANEOUS
	  	 	37	 
	 ARTICLE XXXV: TERMINATION & RENEWAL OF AGREEMENT
	  	 	37	 
	 ARTICLE XXXVI: MANAGEMENT RIGHTS
	  	 	38	 
	 ARTICLE XXXVII: SUCCESSOR CLAUSE
	  	 	38	 

  
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 EXHIBITS 

 

			
	 TITLE
	  	EXHIBIT
	 Vacation Days Earning Schedule
	  	A
	 Absence Days Earning Schedule
	  	B
	 Grades and Salary Ranges for 2020
	  	C
	 Absence Ladder of Discipline
	  	D
	 Lateness Ladder of Discipline
	  	E
	 Aggregate Lateness Time
	  	F
	 Calendar Year Lateness
	  	G
	 New Employee Progress Report
	  	H
	 Release Agreement
	  	I

  
 3 

 AGREEMENT entered into this
9th day of March, 2020, between the OFFICE & PROFESSIONAL EMPLOYEES INTERNATIONAL UNION, LOCAL 153, AFL-CIO, hereinafter referred to as the
“UNION” and the AMALGAMATED BANK, hereinafter referred to as the “EMPLOYER” or “BANK”. Members of the “UNION” are hereinafter referred to as “EMPLOYEES”.

 WITNESSETH: 

WHEREAS, the parties hereto desire to continue harmonious relations and clearly defined mutual obligations, stipulate and agree as
follows: 
 ARTICLE I: 

RECOGNITION 
 The
Employer agrees to recognize the Union as the sole collective bargaining agent for office and clerical employees, at all current locations owned and operated by the Bank in the United States, exclusive of supervisory employees with authority to
perform one or more of the following functions: hire, transfer, suspend, layoff, recall, promote, discharge or discipline other employees or effectively to recommend such actions. This Agreement is not to include the positions of human resources
staff, senior management executive assistants, as well as any other position agreed to by the Employer and the Union. Everyone who is in the Union currently in these positions of Administrative Assistant will remain as is and be grandfathered. If
anyone leaves these positions of Administrative Assistant for reasons of resignation, transfers or termination for cause, the Bank along with the Union will evaluate these positions to determine if they will remain in the Union or become an
Executive Assistant. At all future locations owned and operated by the Bank in the United States, the Bank agrees to remain neutral and recognize the Union as the representative of all non-excluded
classifications referenced herein in an appropriate unit if a majority of the employees at such future location(s) have authorized the Union to represent them. 

  
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At any location owned and operated by the Bank within thirty (30) miles of a current location, the Bank agrees to not oppose an accretion to the unit recognized in this Agreement. At all
other future locations, the Bank and the Union agree to negotiate a new collective bargaining agreement with terms and conditions of employment appropriate to such location(s). 

ARTICLE II: 
 UNION
SECURITY 
 (a) The Employer shall require that every employee who is covered by this Agreement as a condition of employment become
and remain a member in good standing of the Union during his/her term of employment. Newly hired employees shall become and remain members of the Union within thirty-one (31) calendar days of the date of
becoming an employee. The foregoing shall become operative in accordance with applicable law. Good standing is defined as payment of regular monthly dues. 

(b) The Bank will, within three (3) working days after receipt of notice from the Union, discharge any employee who is not in good
standing in the Union as required by the preceding paragraph. 
 (c) The jurisdiction of the Union shall be all work or work functions
normally or currently performed by employees covered by this Agreement and any new or additional work requiring the same or similar skills for which employees covered by this Agreement currently are employed, notwithstanding the introduction of use
of any new or automated system, process, or mechanized or automated equipment which may alter or modify the method or skill. This jurisdiction of the Union shall extend to any employees engaged in new or additional work, which may be performed.
Nothing contained in this paragraph shall prevent any officer from doing clerical work at the discretion of Management so long as the employment of these officers in clerical work does not result directly or indirectly in the discharge or layoff of
any Union members now or hereinafter employed. The Employer agrees that when new equipment or systems are introduced, Employees whose jobs relate to the new systems or equipment will be given the opportunity to be trained on such equipment or
systems whenever feasible. 

  
 5 

 (d) The Bank agrees to provide the Union on the 15th day of the month a list of all bargaining unit employees hired the previous calendar month, including address, date of hire and salary. The Bank will also notify the Union monthly, with copies to
the Chief Steward, of all new hires, leaves of absence, terminations, promotions, demotions, transfers and temporary employees assigned to perform bargaining unit work. 

(e) The Chief Steward or his/her designee will be permitted to meet with new employees at the conclusion of orientation at Corporate
Headquarters. The local steward will be permitted to meet with new employees at the conclusion of orientation conducted at a location other than Corporate Headquarters. 

ARTICLE III: 

PROBATION 
 All new
Employees are required to work on probation for a period of ninety (90) calendar days with an additional thirty (30) calendar days if requested by Management. The Bank will notify the Chief Steward orally and follow the notice with written
documentation. Such Employees shall be entitled to all rights and privileges of the Agreement except as provided for in ARTICLES XII, XIII, XV, XVII, XVIII, XVIV, XX, XXI, XXVII, XXVII, XXXII AND XXXIII. 

ARTICLE IV: 

TEMPORARIES 
 After twelve
(12) weeks, (420 hours), positions staffed with temporary workers must be offered to full-time/part-time bargaining unit Employees, eliminated, or extended upon approval by the Union. If the Bank has been unable to fill a position internally
and a temporary worker is currently in the open position, then a temporary worker, if qualified, may be offered full-time employment after the twelve (12) week period (420 hours). In the monthly report to the Union of temporary workers
referenced in ARTICLE II, Section (d,) the Employer will provide the temporary worker’s name, position filled, time in position and current status of position. 

  
 6 

 ARTICLE V: 

DUES CHECK-OFF 

(a) The Employer agrees to deduct Union dues and initiation fees from the wages of each Employee
bi-weekly. Dues and initiation fees will become due and payable according to the following schedule: For persons hired before the 23rd day of the month,
dues shall become payable the following month. For persons hired on or after the 23rd of the month, dues shall become payable the second following month. The Employer agrees to remit such dues and initiation fees thus collected to the Union each
month, at a time that would insure receipt of said monies at the Union office prior to the 10th day of the month following such deductions. 

The Employer agrees, where practical, to deduct unpaid Union dues and initiation fees from the final paycheck of any eligible Employee. Any
change in the rate of dues and/or initiation fees levied by the Union will be put into effect in the deductions made by Management in the month following the month in which Management receives written notice of change from the Union. 

(b) The Employer shall deduct from the wages of any Employee who submits a voluntary authorization card, an amount designated by such Employee
for OPEIU “Voice of the Electorate” (VOTE) Fund. Such voluntary contributions shall be forwarded to the Secretary-Treasurer of OPEIU, Local 153, AFL-CIO monthly, by payable check to “Voice of
the Electorate” along with a listing of persons who donated such monies. 
 (c) The Union agrees to file an initiation fee and dues
deduction assignment form with the Employer for each Employee, and executed by such Employee, prior to such deductions. The Bank will not be responsible for the collection of dues that are uncollected as a result of the shop steward’s failure
to submit a dues assignment card in time to allow for the first scheduled deduction. 

  
 7 

 (d) Nothing contained in this paragraph is intended to create a liability for the Bank with
respect to collection, commencement, or adjustment of dues. 
 ARTICLE VI: 

NON-DISCRIMINATION 

(a) No Employee is to suffer any reduction in wages if used in any other capacity at the Bank’s request. 

(b) No clause in the Agreement is understood to imply a lowering of working conditions heretofore existing in this office. 

(c) Employees shall not be asked to make any written statement or verbal contract which may conflict with this Agreement. 

(d) Neither the Union nor the Employer, in carrying out their obligations under this Agreement, shall discriminate in matters of hiring,
training, promotion, transfer, layoff, discharge or otherwise because of race, color, religion, creed, national origin, disability, gender, pregnancy, sexual orientation, age, marital or familial status, alienage or citizenship status, veteran
status, genetic information, gender identity, reproductive health decisions, status as a victim of domestic violence, or any other class protected by federal, state, or local law. The main criterion to be used in granting or denying an individual
any position shall be that individual’s qualifications to do the job in question (see ARTICLE XXV). 
 ARTICLE VII: 

HOURS 
 (a) Except
for Employees currently working a thirty-five (35) week, Employees shall have a thirty-seven and one half (37.50) hour work week consisting of a maximum of seven and one half hours per day. These hours shall run consecutively from the time
designated to commence work, to its completion, with one hour to be allowed for lunch unless other arrangements have been agreed to between the Employer and the Employee. 

  
 8 

 No Employee shall be required to work more than thirty seven and one half (37.50) hours in a
week, except as set forth below: in the event overtime is requested, the Department Head will first ask for volunteers from among those qualified to do the work. Failing to obtain the necessary personnel, the work will be assigned to those qualified
Employees. Every effort will be made to “rotate” the assignment of overtime. Employees assigned to work overtime may be excused by Management. All overtime is paid after thirty seven and one half hours (37.50) of actual time worked 

(b) The normal workday shall be from 9:00 a.m. to 5:00 p.m., except for Employees where responsibilities require that they regularly work
hours other than those herein described as “normal”. 
 (c) Full-time Employees whose normal work starts from 2:00 p.m. on, shall
receive a shift differential equal to 15% of earnings for all hours worked. 
 ARTICLE VIII: 

HOLIDAYS 
 Employees
shall be entitled to a whole holiday with pay for any legal holiday on which the Bank is closed to the public. Employees in the District of Columbia may take a personal day with advance notice for Emancipation Day. All Part-Time employees will be
paid their scheduled hours for a holiday if they are regularly scheduled to work on the day the holiday occurs. All branches of the Bank will close doors to customers at 3:00 p.m. on Christmas Eve, Good Friday, and New Year’s Eve. All work
performed in excess of six (6) hours on these days shall be paid for at the rate of time and one-half the straight time hourly rate. In the event a legal holiday falls on a Saturday, Employees shall
receive an alternate day off as agreed to by Management before the end of the calendar year. If an Employee leaves the Bank after a holiday has occurred and prior to using said alternate day off, such an Employee shall be compensated for same. 

  
 9 

 ARTICLE IX: 

PERSONAL DAYS 

Personal days shall include, but not be limited to, all religious holidays Employees may observe that are not already granted to all Bank
Employees. Employees’ requests to management for specific personal days will be granted whenever possible, subject to operating requirements and seniority within the department. 

Personal days are earned at the rate of one (1) day per full calendar month worked to a maximum of five (5) days per year except as
stated below. Employees shall earn personal days according to the following: 
 1. Employees who were employed during the prior calendar
year, will be front loaded five (5) days on January 1st of the current calendar year. 

2. All other Employees: 
  

	 	•	 	 Hired prior to April 1st, will be front loaded five
(5) days after probation. 

  

	 	•	 	 Hired between April 1st and June 30th will be front loaded two (2) days after probation. 

  

	 	•	 	 Hired after June 30th, but prior to August 31st, will be front-loaded one (1) day after probation. 

  

	 	•	 	 Hired after September 1st, earn NO Personal days.

  

	 	•	 	 Personal days must be taken during the calendar year for which they are earned and cannot be accumulated.

 Upon termination, all employees will be paid out for any unused accrued days. 

  
 10 

 ARTICLE X: 

OVERTIME 
 Overtime
will be paid after 37 1/2 hours per week. All authorized overtime shall be paid at the rate of time and one-half of the Employee’s regular hourly rate of pay. All work performed on holidays will be paid
at the rate of double time. All work performed on day six (6) and/or seven (7) of any work week will be paid at the rate of double time. It is understood, however, five (5) days worked in any work week constitutes pay at straight time.
Management has the right to designate the regularly scheduled work week. If an Employee is required to work a sixth and seventh day in any work week, there will be four (4) hours of pay guaranteed for reporting to work. 

For work performed by Employees whose normal work day commences either on Friday or a holiday eve and extends into the following day, the
first seven and a half (7 1/2) hours of their work day shall be at regular time; any time over seven and a half (7 1/2) hours shall be paid at double time. 

Overtime is calculated at fifteen (15) minute intervals above the scheduled work hours. After working fifteen (15) minutes past
regular working time, for each quarter hour during which at least eight (8) minutes of the fifteen (15) minutes is worked, overtime will be paid for the entire quarter hour. All overtime must be approved by the Employee’s Manager.

 ARTICLE XI: 

MEAL AND TRANSPORTATION ALLOWANCES 

(a) Employees requested to work more than one and one-half (1 1/2) hours prior to their regular
starting time, shall receive six dollars ($6.00) for breakfast money in addition to the overtime pay provided for in ARTICLE XI. 

(b) Employees shall receive nine dollars ($9.00) for lunch money in addition to overtime compensation in the event it is requested by the Bank
that they forego their lunch period. 

  
 11 

 (c) Employees required to remain after work more than two (2) hours after their regular
work hours, shall receive twelve dollars ($12.00) supper money in addition to overtime pay provided in ARTICLE X. 
 (d) Employees
who work more than two (2) hours overtime and leave after 12:00 midnight and before 6:00 a.m., shall receive at the option of the Employee, a transportation allowance of twenty dollars ($20.00) taxi fare or car service. 

ARTICLE XII: 

VACATIONS 
 Vacation
entitlement shall be computed on a calendar year basis. Employees shall be able to schedule their vacation between January 1st and December
31st of each year subject to operational requirements and management approval within each Department. 

For Employees hired during the current calendar year: 
  

	 	•	 	 Hired prior to April 1st, two (2) weeks vacation after probation. 

 

	 	•	 	 Hired between April 1st through June 30th, one (1) week vacation after probation. 

 

	 	•	 	 Hired after June 30th but prior to August 31st, two (2) days vacation after probation.

  

	 	•	 	 Hired after September 1st, NO vacation. 

For current employees, (as of January 1st, of the current calendar year) all vacation is
front loaded: (see “VACATION DAYS EARNING SCHEDULE” - Exhibit A). 
  

	 	•	 	 One year of service: two (2) weeks vacation 

 

	 	•	 	 Five years of service: three (3) weeks vacation 

 

	 	•	 	 Ten years of service: four (4) weeks vacation 

 

	 	•	 	 Twenty years of service: five (5) weeks vacation 

  
 12 

 Employees who have completed five (5), ten (10) or twenty (20) years of service
during the year of their anniversary date, shall be entitled to that additional week of vacation, commencing with the year of their anniversary date. 

Employees with five (5) or more years length of service, who are entitled to receive three (3) or more weeks vacation, shall at the
discretion of Management, take not more than two (2) weeks of their vacation consecutively. Legal holidays, falling during vacation, shall be compensated by additional days, which days shall be subject to operational requirements. 

A vacation schedule shall be circulated in each department in October of each year for the following year’s vacation. Employees who have
greater than two weeks of vacation entitlement shall select their first two weeks of vacation by seniority. After all employees have selected their first two weeks vacation, the vacation schedule shall be circulated a second time and any vacant time
shall be selected by seniority. Subsequent to January 1st, and provided all vacation schedules have been returned to Human Resources, employees may request vacation time on a first come first
served basis for time on the schedule which is open and has not been selected by another employee during the open schedule period. Employees may, however switch time by mutual agreement by submitting their change in writing with the written approval
of their Manager to Human Resources. 
 Any Employee discharged shall receive salary in lieu of earned but unused vacation. Notice of
discharge may not be given during vacation or during the two weeks preceding it. Vacation days must be taken during the calendar year for which they are earned and cannot be accumulated except as required by State law. Upon termination all employees
will be paid out any unused accrued days. 

  
 13 

 ARTICLE XIII: 

DISMISSALS 
 (a)
Employees shall not be dismissed by Management except for just and sufficient cause. An Employee failing to notify the Bank of the reason for his/her absence for three consecutive business days shall be deemed to have abandoned his/her job and may
be terminated by Management. Exceptions to this rule, however, may be made by Management in cases of acceptable extenuating circumstances. 

(b) The Employer will notify the Union and Chief Steward immediately of its decision to discharge any Employee. The Employee shall be given
two (2) weeks notice prior to dismissal for a reduction in the workforce only. Any Employee dismissed for reasons other than a reduction in the workforce, for serious misconduct, insubordination, theft, dishonest act, gross violation of
policies and procedures or other serious offenses shall not receive prior notice. Any Employee dismissed due to a reduction in the workforce will be assisted in every way possible in getting another position, including two (2) days off each
week during the period of notice to look for a new position. Any Employee dismissed for reasons other than a reduction in the workforce, for serious misconduct, insubordination, theft, dishonest act, gross violation of policies and procedures or
other serious offenses shall not be given two (2) days off each week to look for a new position. The Employer will not discriminate against or discharge any Employee for his or her activities on behalf of the Union. In addition, employees will
receive earned time off to include vacation, personal and sick days for the current year. 
 (c) When an Employee is separated from
employment with the Bank through a reduction in force, he/she shall, upon execution of a Binding Release in the form attached hereto as Exhibit J receive, (a) one (1) week of severance paid at the employees base rate of pay for each full year
of service to a maximum of twenty (20) weeks and; (b) up to a six (6) months reimbursement of continued medical coverage or until coverage is obtained from another source whichever is sooner. Coverage shall commence the first calendar
month following the month of separation. 

  
 14 

 (d) In the event of a layoff, where the Chief Steward would otherwise be laid off, the Chief
Steward shall not be laid off so long as the Chief Steward has equivalent qualifications as the employee who is being laid off in lieu of the Chief Steward. The Union shall certify the name of the Chief Steward to the Employer. 

(e) All dismissals must be reviewed by the Director of Human Resources. 

ARTICLE XIV: 

RESIGNATION 
 The
Union agrees that its members will give the Bank two (2) weeks notice before resigning. Notice of resignation may not be given during vacation or during the two (2) weeks preceding it. All accruals for earned vacation, personal and sick
days are based upon the 15th day of the month. In order to be paid for sick days taken during the period subsequent to the resignation notice, an employee must provide a physician’s note for
absences. 
 ARTICLE XV: 

PAID ABSENCE/SICK LEAVE 

(a) All full time Employees who were hired prior to October 2nd of the previous year and
have completed probation as of January 2nd of the current year shall be entitled to ten (10) + one (1) paid absences each calendar year (January
1st through December 31st) for a total of eleven (11) days. The ten (10) + one (1) days are front-loaded as of January 2nd of each year. However, if the eleventh (11th) day is used, the Employee will get paid for it, but may, at the discretion of the HR Director or
designee, be subject to the Absence Ladder of Progressive Discipline (Exhibit D). If the Employee does not use the eleventh (11th) sick day, it must be banked at the end of the calendar year and
is not subject to item (h) of this ARTICLE XV. Any absence incurred during a 

  
 15 

 
new Employee’s probationary period will count towards the Absence Ladder of Progressive Discipline and the Employee will not be docked. Although paid absence days are front-loaded, they are
earned at a rate of one (1) day per complete calendar month of service to a maximum of ten (10) days. Banked sick days may not be used until all current year absence days have been exhausted. (See Exhibit B). Employees starting after
October 1st may only bank day(s) earned for that calendar year. Sick leave may be used only for an Employee’s illness, absences due to the Employee or Employee’s family members being a
victim of a family offense matter, sexual offense, stalking or human trafficking or for other reasons specified in the Bank’s Family and Medical Leave Act policy in ARTICLE XVIII or as required by federal, state, or local law. A
physician’s note will be required for absences of three (3) or more consecutive workdays whether using sick or banked sick days. If the Employer has reason to believe that the Employee is abusing this benefit (i.e. pattern of absences (on
a Monday, Friday or the day before and/or after a holiday), an absence occurs subsequent to an Employee’s giving or having been given at least two (2) weeks notice, frequency, etc.), the Employee may be subject to Discipline. 

Upon any Employee’s separation from the Bank, Pay-Back for absence days unearned but used by the
Employee will be pro-rated. Upon termination, all employees with be paid out all accrued unused days. 

(b) In the event an Employee’s absence exceeds their earned absence days during a calendar year, disciplinary action will result upon the
next day of absence from the Bank excluding leave (other than banked sick days) granted under this Agreement. (See Exhibit D “ABSENCE LADDER OF DISCIPLINE”.) 

An Employee may also back down the “ABSENCE LADDER OF DISCIPLINE” by not being absent for one (1) consecutive complete calendar
months. (First day of the month through the last day of the month = 1 complete calendar month), beginning the following calendar month in which the absence occurred. In addition, for each consecutive calendar month thereafter when the Employee has
no absences the Employees will go down an additional step on the Ladder of Discipline. All active, full-time employees regularly working a minimum of 30 hours per week, who do not work in a state with statutory disability benefits, will be eligible
to receive up to 50% of covered earnings, up to a maximum of $1,900 per week. 

  
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 (c) Since Employees will have used all their front-loaded absence and banked sick days prior
to returning from disability, each occurrence thereafter of an absence during the same calendar year will result in disciplinary action (“LADDER OF DISCIPLINE”) being resumed. However, in cases of known, documented, injury or serious
illness, the Director of Human Resources or designee may exercise discretion to excuse some or all of the absence days of an employee from discipline. 

(d) Any Employee who works less than four (4) hours and is out sick for the remainder of that day will be charged with a half (1/2) sick
day. Any Employee who works four (4) hours or more and is out sick for the remainder of the day will be considered to have worked a full day. Lunchtime shall not be considered time worked for the purpose of calculating the number of hours worked by
Employees under this section. 
 (e) Upon leaving the Bank and immediately collecting a monthly pension benefit, beginning the first (1st) of the following calendar month, Employees are entitled to a payment of up to thirty (30) of their Banked Sick Days. 

(f) At the end of each calendar year, each Employee will be given an accounting of his/her unused absence days. Each Employee will have the
following options: 
 1. All unused days may be accrued for use in the event of future illness. 

  
 17 

 2. One-half of the unused days may be accrued for
use in the event of future illness and one-half of the unused absence days may be paid in cash. 

3. All unused absence days may be paid in cash by January 31 of the following calendar year (10 days maximum may be paid in cash). 

The Disciplinary Action set out in this ARTICLE is not subject to the provisions of ARTICLE XXXII. DISCIPLINE. 

(i) In consideration of the above, it is acknowledged that this Agreement provides benefits that are comparable to and/or more generous than
what is required under the New York City Earned Safe and Sick Time Act, N.Y.C. Admin. Code §§ 20-911, et seq. and the District of Columbia Employee Accrued Sick and Safe Leave Act, D.C. Code Ann.
§§ 32-531.01 et seq. Accordingly, the Union, on behalf of the employees, expressly waives the application of the provisions of the New York City Earned Safe and Sick Time Act, N.Y.C. Admin. Code
§§ 20-911, et seq. and the District of Columbia Employee Sick Leave Act, D.C. Code Ann. §§ 32-531.01 et seq., and all rights and benefits thereunder,
to the Employees covered by this Agreement. 
 ARTICLE XVI: 

LACTATION 
 An
Employee shall be entitled to take reasonable unpaid breaks to express breast milk for up to three (3) years after giving birth to a child. The Bank will make a private room or other location available for the expression of breast milk upon an
Employee’s request. To make such a request, an Employee should contact Human Resources. 
 ARTICLE XVII: 

LATENESS 
 (a) It is
the responsibility of all Employees to report to work by their scheduled starting time. There is a ten (10) minute grace period for all morning clock-ins in the Bank’s time and attendance system.
Each Employee’s starting time is established in advance by the Employee’s Department Manager and validated by the Bank’s time and attendance system. The timesheet will 

  
 18 

 
be used as the official Bank record to determine both the number of latenesses and the total aggregate amount of time an Employee is late during the calendar year. There will be no excused
latenesses approved by the Department Manager unless an agreement has been made between the Manager and the Employee prior to the work day in which the lateness occurred. Once approval has been given, the Employee’s excused lateness shall not
be counted toward the Lateness Ladder of Discipline (see Exhibit E). Employees must clock-in and clock-out themselves on location and not via mobile device. No
one may clock-in/out for another Employee under any circumstance. A first violation by an Employee clocking-in/out for another Employees timesheet via the
Bank’s time and attendance system will result in a five (5) day suspension without pay for both the Employee who clocked-in/out on the timesheet and the Employee whose timesheet was punched. The
second violation will result in termination for both the Employee who clocked-in/out on the timesheet and the Employee whose timesheet was clocked-in/out on. 

(b) All Employees are entitled to a one (1) hour lunch break. An Employee and his or her Manager may mutually agree for the Employee to
take a half hour lunch break in exchange for starting the day a half hour later or leaving a half hour earlier than regularly scheduled. There shall be a five minute grace period for check-ins from the
Employee’s lunch break. A Union Steward shall be present at a meeting with the Employee and his or her Manager when an Employee’s schedule is being altered pursuant to this provision. Any Employee who takes more than one (1) hour for
lunch will be considered as late and subject to the lateness Ladder of Progression Discipline, unless an agreement has been made between the Manager and the Employee prior to the lunch break. Calendar year lateness is twenty (20) days. (See
Exhibit G) 
 (c) Any lateness’s incurred during the Employee’s probationary period will count towards the Lateness Ladder of
Progressive Discipline. 

  
 19 

 (d) Employees shall be disciplined for excessive lateness in accordance with the following
schedules: 
  

	 	•	 	 EXHIBIT E = “LATENESS LADDER OF DISCIPLINE” 

 

	 	•	 	 EXHIBIT F = Aggregate time late during a calendar year. 

 

	 	•	 	 EXHIBIT G = More than 20 latenesses during a calendar year. 

(e) The Disciplinary Action set out in this ARTICLE is not subject to the provision of ARTICLE XXXII: DISCIPLINE. 

An Employee may also work their way down the “Ladder of Discipline” by having no lateness for one (1) consecutive calendar
months, beginning the following calendar month in which the lateness occurred. In addition, for each consecutive calendar month thereafter when the Employee has no lateness the Employee will go down an additional step on the “Ladder of
Discipline”. The Bank will provide a spreadsheet monthly to the Chief Steward of Employee’s placement on the Ladder of Discipline. 

This ARTICLE may be modified upon mutual agreement between Bank Management and the Union Negotiation Committee. 

ARTICLE XVIII: 

FAMILY AND MEDICAL LEAVE 

(a) In accordance with the Federal Family and Medical Leave Act (“FMLA”) and the Bank’s FMLA policies, and except as
additionally provided below, Employees shall be entitled, for each applicable rolling twelve (12) month period, to up to 12 work weeks (for District of Columbia Employees up to 16 work weeks in a twenty-four (24) month period), in the
aggregate, four of which are paid and the rest of which will be taken as unpaid leave that meets the qualifying conditions for family and/or medical leave under FMLA. Such leave is referred to in this Agreement as FMLA Leave. 

  
 20 

 (b) An Employee is additionally entitled to the following unpaid leave in the event of: 

 

	 	•	 	 the birth of the Employee’s child (a “Newborn”), or 

 

	 	•	 	 the commencement of an adoption by the Employee of any child (a “Newly Adopted Child”) who is either
below the minimum age for free public school attendance or a “hard-to-place” or “handicapped” child as those terms are defined by applicable New York
State law. 

 Any Employee with two (2) but less than three (3) years of active service is entitled to unpaid
leave of six (6) months to care for a Newborn or Newly Adopted Child (“Child Care Leave”), commencing upon the birth of the Newborn or the commencement of the adoption. Any Employee with three (3) or more years of active service
is entitled to one (1) calendar year of Child Care Leave commencing upon the birth of the Newborn or the commencement of the adoption. Where both parents of a Newborn or a Newly Adopted Child are Employees as of the date of the birth of the
Newborn or commencement of the adoption of the Newly Adopted Child, the Child Care Leave entitlement for both parents in combination shall be limited to the Child Care Leave entitlement of one of the parents, as provided under this paragraph. 

(c) An Employee is additionally entitled to the following unpaid sick leave for FMLA qualifying conditions: Any Employee with two (2) but
less than three (3) years of active service is entitled to unpaid sick leave of six (6) months, commencing upon the exhaustion of any sick pay the Employee may have accrued. Any Employee with three (3) or more years of active service
is entitled to one (1) calendar year of unpaid sick leave commencing upon the exhaustion of any sick pay the Employee may have accrued. 

(d) For purposes of calculating each Employee’s annual FMLA Leave, the Employer shall count any sick leave (whether paid or unpaid for
FMLA qualifying conditions) (including any disability leave) and/or Child Care Leave taken by an Employee as all or a part of that Employee’s annual FMLA Leave entitlement, whenever: (i) such sick leave and/or Child Care Leave meets the
qualifying conditions for family and/or medical leave under FMLA and (ii) any portion of the Employee’s annual FMLA Leave entitlement is then unused. 

  
 21 

 However, nothing in this ARTICLE shall preclude any Employee from properly taking, or
continuing to take, sick leave (including any disability leave) and/or Child Care Leave then accrued and/or owing, if, at the time, the Employee shall have exhausted his or her annual FMLA Leave entitlement. 

(e) Child Care Leave and unpaid sick leave as provided, respectively, under paragraphs (b) and (c) of this ARTICLE shall be
accrued on a calendar-year basis. 
 (f) Any Employee returning from such Child Care Leave or unpaid sick leave shall notify the Bank at
least two (2) weeks in advance of his or her expected date of return. Any such Employee shall be entitled to retain their grade and return to a position at the Bank that is the same pay and total hours with those general increments of pay as
may have been granted during his or her leave to other Employees who have been doing similar work. The Employee may be returned to their prior grade and/or position subject to operational need and at the discretion of management. 

(g) Seniority will be retained, but not accumulated, during any period such Child Care Leave or unpaid sick leave (exclusive of any disability
leave). 
 (h) Notwithstanding the aforementioned provisions in sections a,b,c,d,e,f and g, of this ARTICLE, the Employee shall not
be entitled to greater than twelve (12) months of leave in the aggregate. 
 (i) However, Employees whose leave extends beyond nine
(9) months, will be responsible to pay the health premium from the end of the 9th month to the end of the 12th month. 

  
 22 

 (j) An Employee may be entitled to partial, temporary wage replacement benefits for leave
that meets the qualifying conditions for short-term disability under the New York Disability Benefits Law (NYDBL) and/or for family leave under the New York Family Leave Act (NYFLA) and family or medical leave under the District of Columbia
Universal Paid Leave Act (DCUPLA). The application for and receipt of benefits under the NYDBL, NYFLA or DCUPLA are administrated by the applicable governmental entities, over which the Bank has no input or control. 

ARTICLE XIX: 
 OTHER
UNPAID LEAVE 
 (a) Employees may be granted unpaid leaves of absence for personal reasons for up to three (3) months. The
granting of such leave shall be solely at the discretion of the Employer and not subject to the grievance procedure in this Agreement. The Employer shall not unreasonably withhold such approval. 

(b) The Employer agrees to grant a leave of absence to one Employee with pay for the purpose of attending Union conferences and conventions.
Said leave of absence is to be granted for no more than one (1) week during any calendar year. Said Employee shall be designated by the Union and agrees to provide a minimum of fifteen (15) days notice to the Bank of the date of the Union
conference or convention where such leave is requested. 
 (c) Upon appropriate advance request by the Union, the Employer will grant an
unpaid leave of absence, not to exceed one (1) year, to any one of its present Employees to act as a full-time representative of the Union. Such unpaid leave may be extended by agreement of both the Union and the Employer. During such unpaid
leave or extension thereof, the Employee shall continue seniority with the same force and effect for all purposes as if he/she had continued to remain in the employ of the Employer. 

  
 23 

 (d) District of Columbia employees only: Employees in the District of Columbia who are
parents will be eligible for 24 hours of leave during any 12 month period to attend or participate in a school-related event for his or her child. Leave provided in this section is unpaid unless the employee elects to use any paid family, vacation,
or other leave provided herein. The employee shall notify the Bank at least 10 calendar days in advance of the intention to use leave under this section unless the need to attend the school-related event cannot be reasonably foreseen. 

(e) All of the above provisions of this ARTICLE are subject to the approval of the Director of Human Resources. 

ARTICLE XX: 

DISABILITY 
 (a)
Disabilities caused or contributed to by pregnancy, childbirth, or related medical conditions shall be treated the same as disabilities caused or contributed to by other medical conditions for any and all purposes in connection with employment by
the Bank, including, but not limited to, leave requirements and conditions, accommodations, and disability benefit payments, as provided under this Agreement. 

(b) Employees will continue to accrue seniority during disability leaves for purposes of maintaining seniority standing. 

ARTICLE XXI: 

BEREAVEMENT 
 The
Employer agrees to provide a five (5) consecutive paid business day bereavement leave for the death of any Employee’s legal immediate family members as identified by the Employee in documentation provided during orientation and status
changes. The immediate family shall be 

  
 24 

 
defined to include spouse, parents, step-parents, children, step-children, siblings, step-siblings, parents-in-law,
step-parent-in-laws, grandparents, step-grandparents, grandchildren, step-grandchildren, niece, nephew, aunt, uncle and domestic partner. A two (2) consecutive
business day paid bereavement leave shall be allowed for the death of a sister-in-law,
brother-in-law, son-in-law, daughter-in-law, or grandparent-in-law. 

Human Resources may at its discretion require proof of death and proof of relationship to the Employee before allowing payment for such days.

 ARTICLE XXII: 

HOSPITALIZATION, MEDICAL, DRUG & DENTAL COVERAGE 

(a) The Employer agrees to provide each Employee covered by this Agreement in accordance with his/her family status, with Hospitalization and
Major Medical, Dental Coverage, Drug plan, FSA Plan, HSA Plan, Transit Program and Vision Care under the same plan(s) as the Employer provides to its non-Union employees. All coverages will be effective
following two (2) full calendar months of employment. Employees covered by this Agreement shall not be required to pay the co-premiums required of non-union
employees, but shall be subject to all other plan provisions applicable to non-union employees. 

Employees shall be responsible to pay a portion of premiums in 2020 according to the following schedule (as detailed on the following page):

  
 25 

					
	 Plan / Tier
	  	2020 Bi-
Weekly
EE
Contribution	 
	 H.S.A. OAP IN
	  			
	 All Employees
	  			
	 Employee
	  	$	16.59	 
	 Family
	  	$	27.64	 
	 H.S.A OAP
	  			
	 All Employees
	  			
	 Employee
	  	$	25.51	 
	 Family
	  	$	46.08	 

 Employees shall be responsible to pay three percent of the premiums in 2021 and four percent of the premiums
in 2022. 
 The Employer will offer a buyout one time per year to Employees who can prove to the Employer and the Union that they have
alternative medical coverage in the amount of $1,500.00, 

  
 26 

 
payable in two installments of $750.00 in six months intervals. If the Employee loses such alternative medical coverage, and provides proof of such to the Employer and the Union, the Employee can
rejoin the Employer’s medical plan. For those Employees participating in an HSA Plan, they will be entitled to a Bank contribution of $1,750 for families and $1,000 for individuals on January
1st of each year for the term of this Agreement. Due to the fact that this Agreement has been signed after January 1st and a lump sum
contribution to the HSA by the Bank has already been made to Employees’ HSAs, Employees participating in an HSA Plan will receive a contribution of $750 for families and $500 for individuals in the HSA Plan on July 1, 2020; this will bring
the total Bank contribution to $1,750 for families and $1,000 for individuals for 2020 for Employees participating in an HSA Plan. 
 The
Bank shall retain the right to change insurance carriers, the financial arrangements with the carrier, and plan design so long as the benefits available to Employees is the same as the benefits available to
non-union employees of the Bank. Prior to implementing any substantial change, the Employer agrees to meet with the Union to discuss such changes. 

ARTICLE XXIII: 
 TERM
LIFE INSURANCE 
 Employees on the first day of the month following two (2) full months of employment, shall receive Life
Insurance in an amount equal to two times their annual base salary to a maximum of $400,000 rounded to the nearest $1,000 and one half times their annual base salary to a maximum of $40,000 rounded to the nearest highest $500.00. The amount of the
Insurance shall be adjusted from time to time in accordance with the Employee’s salary and plan document. 
 The Employer agrees to pay
Life Insurance premiums if an Employee is on total disability and has ten (10) years of service with the Employer. 

  
 27 

 ARTICLE XXIV: 

JOB CLASSIFICATIONS 

(a) The job classifications shall consist of six (6) grades as set forth in Exhibit C. 

(b) All Grades shall have a three (3) month training period. 

If an Employee is considered for a promotion and does not satisfactorily pass the probationary period, the Employer shall use good faith
efforts to return the Employee to his or her former position, or to a similar position in that grade if his or her former position is no longer available. If his or her former position or a similar position in that grade is not available, the
Employer may separate the Employee from employment with the Bank and the Employee shall receive severance pursuant to the requirements of ARTICLE XIV (“Dismissals”), paragraph (c). 

Future considerations for promotion to the same or other positions require the successful completion of a new probationary period. It is
understood, however, that when an Employee qualifies, he/she shall receive, the promotional increase called for in ARTICLE XXIV, Section (c). At the end of the probationary period, an Employee’s promotion shall be considered final, provided the
Employee has successfully completed his/her probation. 
 (c) When an Employee is promoted to a higher grade, he/she shall receive a five
percent (5%) salary increase or the minimum rate for the new position, whichever is greater. When an Employee’s promotion will result in a greater than one labor grade increase, he/she shall receive a seven and one half percent (7.5%) salary
increase or the minimum rate for the new position, whichever is greater. If an Employee bids on a lower position, the Employee’s salary shall be reduced by the same percentage of increase that they received in their prior promotion. If an
Employee has only been employed in his or her current position, bids on a lower grade position and is accepted for this position, the Employee’s salary shall be reduced by 5% for one (1) labor 

  
 28 

 
grade down and 7.5% for two (2) or more labor grades down. This provision shall not apply to an Employee seeking an accommodation from the Employer pursuant to the Americans with
Disabilities Act. To assure appropriate, effective training for upgrades, a subcommittee comprised of Union and Management representatives shall be formed. 

(d) When new jobs are created, the Bank shall assign them into the appropriate labor grade. The Bank will submit job descriptions for newly
created or changed jobs to the Chief Steward prior to the job being posted and upon request, shall meet with the Union to discuss the new or changed position. If there is agreement as to the grade, the Chief Steward will sign and date the job
description and return it to Human Resources. If the Union disagrees with the assigned grade, it may seek relief in accordance with ARTICLE XXVII. 

(e) Employees requested to do the work of a classification higher than their own for a period of five (5) consecutive days or more, shall
receive an increase of five percent (5%) or the minimum rate of the higher classification, whichever is greater, for one (1) salary grade or seven and a half percent (7.5%) of the minimum rate of the higher classification, whichever is
greater, for more than one (1) salary grade, for the period of time such higher classification work is performed. 
 (f) The Employer
agrees that management shall not routinely do bargaining unit work. 
 (g) The Employer is committed to work together with the Union to
expand the number of jobs in the bargaining unit. 
 ARTICLE XXV: 

PROMOTIONS, UPGRADING & TRANSFERS 

Whenever a new position is created or a vacancy occurs, notice shall be posted for ten (10) working days (excluding Saturday and Sunday)
in the Job Posting section of the Bank’s time and 

  
 29 

 
attendance system. The Employer shall send an e-mail to all employees notifying them that Job Postings will be placed in the Bank’s time and
attendance system. The Bank will offer training to Employees on how to access the Job Postings in the Bank’s time and attendance system. Employees who have one (1) or more years of service in their current Bank position (not including Bank
initiated changes) may apply for the position; however, Employees in the affected Department will be given priority consideration. The selection of an Employee from among the applicants shall be based on the Employee’s abilities, qualifications
and seniority. If the Bank fails to get a qualified candidate for the vacant position during the first internal posting and outside advertising, the Bank will post the vacancy internally a second time upon notification to the Union. Employees with a
minimum of six months in their current Bank position (not including Bank initiated changes) will then be allowed to bid on the vacancy. Employees are prevented from bidding on a job posting for six months from the date of a disciplinary suspension.
(See ARTICLE VI: ON-DISCRIMINATION). Part-time Tellers with a minimum of three months of employment and have successfully passed probation may bid on full-time intermediate Teller positions. 

To assist in the selection of the most qualified applicant for promotion, Human Resources may utilize tests which measure the skills and
aptitudes that have a direct bearing on an individual’s ability to do the job in question successfully. If an Employee has previously bid for this same position within the prior six (6) months, the Department Manager does not have to
interview this internal applicant (unless the Employee can demonstrate they have acquired additional skills necessary for this particular position). If an Employee bids for a position and fails the required tests administered by Human Resources, the
Employee must wait six (6) months before he/she can retest and bid for a position which requires the passing of the same test(s), except if the Employee can provide documented evidence of upgraded skills. In the event that two (2) or more
applicants’ abilities are relatively equal, seniority shall prevail. If a party to the bid is dissatisfied with the outcome, the burden of proof that the decision should be reconsidered is that of the complaining party to management. Lateral
and downward bidding are permissible. 

  
 30 

 The positions of Head Teller, Sales and Service Representative, Administrative Assistant
will be posted for interested Employees to apply. The Employer, however, shall have the choice of selecting an Employee to fill these positions without reference to this procedure. 

It is understood that the Bank has the right to transfer Employees between the branches as operating requirements necessitate. This right
shall not be exercised in an arbitrary or capricious manner. 
 ARTICLE XXVI: 

PENSION, DISABILITY 

(a) The Bank shall maintain a long-term disability plan. 

(b) The Employer agrees to maintain its non-matching 401(k). 

ARTICLE XXVII: 

GRIEVANCE AND ARBITRATION 

(a) Any and all disputes concerning the effect, interpretation, application and claims arising out of or relating to the terms of this
Agreement, or breach thereof, shall be taken up in the first instance between the parties hereto. A representative of the Union shall have access to the place of business during working hours for the purpose of investigating and settling disputes.
The parties agree to the following process as a means of resolution of their disputes: 
 Step 1 - Oral Step - An employee who
believes they have a dispute may request that the Union take up the issue at a Step 1 meeting with the Department Manager not later than thirty (30) calendar days from the date that the evidence giving rise to the dispute was first known to
them. If the parties fail to accomplish a mutually satisfactory resolution within five (5) days of the meeting, the Union will reduce the grievance to writing and submit it to the Human Resources Department. 

  
 31 

 Step 2 - Written Step - The Director of Human Resources and his or her designee(s),
the Chief Steward and the Grievant shall meet within thirty (30) calendar days or receipt of the written grievance from Step 1 and shall make every effort to create a mutually satisfactory resolution. The Director of Human Resources shall
respond to the Union in writing or e-mail within thirty (30) calendar days of the meeting at Step 2 to the Chief Steward letting him or her know whether the grievance has been denied. 

If the parties fail to accomplish a mutually satisfactory resolution the Union will forward the written grievance to Step 3. 

Step 3 - Second Written Step - The Director of Human Resources and his or her designee(s), the Chief Steward, the Grievant and the
Business Representative shall meet to discuss the dispute, unless mutually determined otherwise, within thirty (30) calendar days of receipt of the Step 2 written response. The Director of Human Resources shall respond in writing to the
Business Representative and the Chief Steward within thirty (30) calendar days after the Step 3 meeting. 
 Mediation – By
mutual agreement of the Union and the Employer, the grievance may be put in abeyance so that it may be referred to the Federal Mediation & Conciliation Service (FMCS) for non-binding mediation. 

Arbitration - Within thirty (30) calendar days of receipt of the Step 3 response, the Union may submit the matter to an Arbitrator
in accordance with the Labor Arbitration Rules of the American Arbitration Association and shall simultaneously give notice to the Employer upon filing. The decision of the arbitrator shall be final and binding upon the parties hereto. 

The parties may waive in writing any of the time frames in the steps referenced above by mutual agreement. 

  
 32 

 (b) The parties agree that any and all complaints, disagreements and disputes, and the
determination of the respective rights and liabilities of the parties, shall be determined exclusively through the use of arbitration machinery herein above set forth and neither party shall institute any legal action against the other except with
respect to the institution and enforcement of the arbitration machinery. 
 (c) The parties agree that adequate machinery has been
established for the settlement of all disputes between them arising out of this Agreement. They, therefore, agree that the Union, for the duration of this Agreement, shall not strike or interfere with the orderly conduct of the Employer’s
business, nor shall the Employer during the term of this Agreement initiate a lockout. 
 (d) A grievance must be filed within thirty
(30) calendar days of the action grieved or it is deemed to be waived except in the case of discharge. A grievance for discharge must be filed within ten (10) working days of occurrence or it is deemed to be waived. 

ARTICLE XXVIII: 

SENIORITY AND LAY-OFF 

(a) The length of service in a bargaining unit position of the Employee with the Employer shall determine the seniority status of the
Employee. 
 (b) In the event of a lay-off, a rehiring emailing/mailing list shall be established
and the laid-off Employees shall remain on such a list for a period of one (1) year. Recall shall be governed by seniority and ability to do the job. The list shall have been exhausted or a year shall
have elapsed prior to hiring from outside sources. 
 ARTICLE XXIX: 

REPORTING ABSENCES 

An Employee who is absent from work must call in each day, no later than thirty (30) minutes after his/her scheduled starting time, unless
he/she is on a documented disability or a doctor approved extended leave. Notification shall be to either the Employee’s Manager or Supervisor. 

  
 33 

 ARTICLE XXX: 

PART TIME EMPLOYEES 

Part-time Employees, scheduled to work twenty-one (21) or more hours per week are to become
members of the Union and are entitled to certain benefits received by full-time Employees on a pro-rated basis, as follows: Paid vacation and personal days, paid at five (5) hours per day);
Hospitalization for Employees only; Medical for Employees only; Dental for Employees only; Optical for Employees only; paid sick leave of five (5) days per year, paid at five hours per day, (subject to provisions of ARTICLE XV, Section
(a); Retirement Plan eligibility determined by requirements of applicable State and Federal Laws. At such time as a part-time Employee becomes a full-time Employee, he/she shall be credited with full-time seniority of one week for each
thirty-seven and a half (37.5) hours worked as a part-time Employee. 
 ARTICLE XXXI: 

TUITION 

Amalgamated Bank provides a tuition reimbursement program for all satisfactorily performing full-time and participating part-time Employees,
with at least one year of continuous service with the Bank. If properly approved, the Bank will reimburse certain tuition costs upon successful completion of the course. The administration of the program and all final decisions regarding the
eligibility of Employees is under the authority of the Director of Human Resources. 
  

	 	•	 	 All full and participating part-time Employees having completed one year of continuous service, prior to
beginning any reimbursable course, are eligible to participate in the program. 

  

	 	•	 	 Courses may be taken only at accredited Colleges and Universities. 

 

	 	•	 	 All courses must be bank/job related. 

  
 34 

	 	•	 	 After successful completion of an approved course with a grade of C or better, an Employee is eligible for
reimbursement as follows: 

  

					
	 Grade
	  	 Reimbursement

Percent

For Tuition/Books
	 
	A	  	 	100	% 
	B	  	 	75	% 
	C	  	 	50	% 
	Successful Pass/Fail Courses	  	 	70	% 

  

	 	•	 	 Books will be reimbursed as per the above schedule with payment not to exceed $200.00 per course.

  

	 	•	 	 Participating part-time Employees will be reimbursed for both tuition and books on a prorated basis as determined
by their weekly scheduled hours. 

  

	 	•	 	 Graduate level courses are not covered under the program unless specifically required by Senior Management.

  

	 	•	 	 Tuition reimbursement forms must be approved by the Department Head and Human Resources two weeks prior to the
first-class session, as a condition for reimbursement under the program. 

  

	 	•	 	 Employees are responsible for the initial payment of all tuition costs and will be reimbursed only after
successfully completing the course. The cost of the courses, as well as fees, are considered as tuition costs. The Bank will calculate the cost of courses at the same rate the College/University charges for one individual credit hour.

  

	 	•	 	 An Employee must be on the Bank’s payroll upon successful completion of the course to be eligible for
reimbursement. 

  

	 	•	 	 Reimbursements will not exceed $5,250 per calendar year. 

  
 35 

 ARTICLE XXXII: 

DISCIPLINE 
 The
parties agree to the following progressive disciplinary procedure: 
  

	 	•	 	 Oral warning 

  

	 	•	 	 Written warning I 

  

	 	•	 	 Written warning II 

  

	 	•	 	 Final written warning 

  

	 	•	 	 Termination of employment 

If an Employee reaches five (5) years without receiving discipline, he or she may go back a step in progressive discipline. 

It is understood that the Bank shall not be required to follow this procedure in cases of, serious misconduct, insubordination, theft,
dishonest act, gross violation of policies and procedures or other serious offenses. 
 In situations where ARTICLES XV and
XVII apply, and where the department manager can provide evidence to Human Resources that an immediate suspension of an employee eligible for discipline would cause a staffing crisis, the employee may be suspended up to two weeks from the
date of the disciplinary notice from Human Resources. 
 ARTICLE XXXIII: 

WAGE INCREASES 
 (a)
Effective July 1, 2020, Employees shall receive a 3% wage increase. 
 (b) Effective July 1, 2021, Employees shall receive a 3%
wage increase. 
 (c) Effective July 1, 2022, Employees shall receive a 3% wage increase. 

Part-time Employees shall receive the same percentage increase to their hourly or daily rates of pay. 

  
 36 

 ARTICLE XXXIV: 

MISCELLANEOUS 
 (a)
Shop Stewards shall be permitted to meet once each month for 3 1/2 hours on Bank time to discuss grievances or other Union matters. Said 3 1/2 hours is to include travel time, and to this a non-paid lunch hour
may be added. The number of Stewards attending these meetings will be limited to no more than eight (8) including the Chief Steward. The Bank shall provide suitable meeting room space for this purpose. The Chief Steward shall be permitted to
attend the monthly meeting Executive Board Local 153; such attendance shall be unpaid. 
 (b) The Employer agrees to implement a transit
check program, which will enable Employees to purchase transit fare with pre-tax dollars during the term of Agreement. The Employer agrees to continue a Qualified Transportation Reimbursement program through
the term of this Agreement which will enable Employees to purchase transit fare with pre-tax dollars. 

(c) Should the Bank adopt an Employee Stock Purchase Plan and subject to the conditions thereof, Employees shall be eligible for participation
at the discretion of the Employer. 
 ARTICLE XXXV: 

TERMINATION & RENEWAL OF AGREEMENT 

(a) This Agreement shall commence on March 9, 2020 and terminate as of June 30, 2023. 

(b) This Agreement, except as provided for above, shall continue from year to year until terminated by either party giving to the other,
written notice of termination by certified mail, sixty (60) days prior to the date of expiration. Notice shall be deemed to have been given on the date of mailing. 

(c) In the event either party desires to modify but not cancel this Agreement, it shall submit written notice by certified mail to the other
parties business office sixty (60) days prior to the anniversary date of any year, and the other party shall, within ten (10) days after receipt of such notice, request a conference in respect thereto. No modifications shall take effect
unless mutually agreed upon in writing. 

  
 37 

 ARTICLE XXXVI: 

MANAGEMENT RIGHTS 

The Employer retains the exclusive right to manage its business except as specifically limited by the provisions of this Agreement. 

ARTICLE XXXVII: 

SUCCESSOR CLAUSE 

In the event the Employer by merger, consolidation, sale of assets, lease, franchise or other means, enters into an agreement with another
individual or private enterprise which will operate a portion, but less than whole, of the Bank and which affects the existing appropriate collective bargaining unit, then the Employer agrees it has an affirmative duty to notify such enterprise or
individual about the terms of this collective bargaining agreement and request that such enterprise or individual meet with and recognize the Union. The Employer agrees it shall notify the Union no later than 48 hours after entering into any such
agreement with any such enterprise or individual. The Employer agrees to engage in effects bargaining with the Union. 
 In the event the
Employer by merger, consolidation, sale of assets, lease, franchise or other means, enters into an agreement with another individual or private enterprise which will operate the Bank in whole, then such successor, enterprise or individual and the
Union, shall be bound by each and every provision in this Agreement. The Employer has the affirmative duty to call this provision of the Agreement to the attention of any enterprise or individual with which it seeks to make such an agreement. 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed by their
respective officers as of the day herein first above written. 
  

			
	 AMALGAMATED BANK
	  	 OFFICE & PROFESSIONAL

		  	 EMPLOYEES INTERNATIONAL

		  	 UNION, LOCAL 153, AFL-CIO

	BY: /s/ Keith Mestrich	  	
	 President and Chief
 Executive
Officer
	  	
		
	BY: /s/ Tanisa Williams	  	
	Senior Vice President	  	
		
		  	STEWARDS:
		
		  	/s/ Gil Yellinek
		  	Name: Gil Yellinek
		
		  	Title: Chief Shop Steward
		
		  	/s/ Grantley Warner
		  	Name: Grantley Warner
		
		  	Title: Shop Steward
		
		  	/s/ Brenda Medard
		  	Name: Brenda Medard
		
		  	Title: Shop Steward

  
 39 

			
		  	/s/ April Henry
		  	Name: April Henry
		
		  	Title: Shop Steward
		
		  	/s/ Sushma Bilall
		  	Name: Sushma Bilall
		
		  	Title: Shop Steward

  
 40 

							
	
	EXHIBIT A
	
	VACATION DAYS EARNING SCHEDULE
				
		  	 Entitled to
 2 Weeks Vacation
	  	 Entitled to
 3 Weeks Vacation
	  	 Entitled to
 4 Weeks
Vacation

				
	JAN	  	2 Days Earned	  	2 Days Earned	  	2 Days Earned
				
	FEB	  	2 Days Earned	  	2 Days Earned	  	2 Days Earned
				
	MAR	  	2 Days Earned	  	2 Days Earned	  	2 Days Earned
				
	APR	  	2 Days Earned	  	2 Days Earned	  	2 Days Earned
				
	MAY	  	2 Days Earned	  	2 Days Earned	  	2 Days Earned
				
	JUN	  	All Days Earned	  	I Day Earned	  	2 Days Earned
				
	JUL	  	All Days Earned	  	I Day Earned	  	2 Days Earned
				
	AUG	  	All Days Earned	  	I Day Earned	  	2 Days Earned
				
	SEP	  	All Days Earned	  	1 Day Earned	  	2 Days Earned
				
	OCT	  	All Days Earned	  	1 Day Earned	  	2 Days Earned
				
	NOV	  	All Days Earned	  	All Days Earned	  	All Days Earned
				
	DEC	  	All Days Earned	  	All Days Earned	  	All Days Earned

  
 41 

 EXHIBIT B 

Effective January 1, 2020 

ABSENCE DAYS EARNING SCHEDULE 

(FOR NEW HIRES ONLY) 

Schedule of when earned absence days go on the books 
  

																																	
		 	*2020	 		 		 		 		 		 		 		 		 		 		 		 		 	*2021	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Must	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Be	 	 	 	 	 	 	 	 
	 	 	1-Feb	 	1-Mar	 	1-Apr	 	1-May	 	1-Jun	 	1-Jul	 	1-Aug	 	1-Sep	 	1-Oct	 	1-Nov	 	1-Dec	 	Banked	 	1/1/21	 	2/1/21	 	3/1/21	 	4/1/21
	 Hired
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1/2-2/1
	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	10 +1	 	 	 	 	 	 
	
2/2-3/1
	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
3/2-4/1
	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	1	 	1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
4/2-5/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
5/2-6/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
6/2-7/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
7/2-8/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	1	 	2	 	10 +1	 	 	 	 	 	 
	
8/2-9/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3 + 1	 	2	 	10 +1	 	 	 	 	 	 
	
9/2-10/1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4	 	10 +1	 	 	 	 	 	 
	 10/2-
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3	 	 	 	10 +1	 	 	 	 
	 11/2-
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2	 	 	 	 	 	10 +1	 	 
	 12/2-
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	10 +1

 *2020 & 2021 used for illustration purposes. 

  
 42 

 EXHIBIT C 

(Effective March ____, 2020) 

GRADES AND SALARY RANGES* 
  

																					
	 Grade
	  	 Minimum

Annual
	  	 Minimum

Hourly
	  	-	 	  	 Midpoint

Annual
	  	 Midpoint

Hourly
	  	-	 	  	 Maximum

Annual
	  	 Maximum

Hourly

	7	  	39,000	  	20.00	  				  	44,000	  	22.56	  				  	49,000	  	25.13
	8	  	39,500	  	20.26	  				  	45,500	  	23.33	  				  	51,500	  	26.41
	9	  	40,000	  	20.51	  				  	47,000	  	24.10	  				  	54,000	  	27.69
	10	  	41,500	  	21.28	  				  	49,500	  	25.38	  				  	57,500	  	29.49
	11	  	42,000	  	21.54	  				  	51,000	  	26.15	  				  	60,000	  	30.77
	12	  	44,000	  	22.56	  				  	54,000	  	27.69	  				  	64,000	  	32.82

 *The Bank reserves the right to increase the minimums and maximums of the salary ranges at its discretion.

  
 43 

 EXHIBIT D 

ABSENCE LADDER OF DISCIPLINE 

ACTION TAKEN UPON RETURN TO WORK IF ALL EARNED ABSENCE DAYS HAVE BEEN TAKEN 

Number of Occurrences 
  

													
		 	1	 	2	 	3	 	4	 	5	  	
							
	# of Absences	 		 		 		 		 		  	
							
	1	 	V	 		 		 		 		  	
							
	2	 	V	 	W	 		 		 		  	
							
	3	 	V	 	W	 	S	 		 		  	V = Verbal
							
	4	 	V	 	W	 	S	 	SS	 		  	
							
	5	 	V	 	W	 	S	 	SS	 	T	  	W = Written Warning I
							
	6	 	V	 	W	 	S	 	SS	 	T	  	
							
	7	 	V	 	W	 	S	 	SS	 	T	  	S = Written Warning II
							
	8	 	V	 	W	 	S	 	SS	 	T	  	
							
	9	 	V	 	W	 	S	 	SS	 	T	  	SS = Final Written Warning
							
	10	 	V	 	W	 	S	 	SS	 	T	  	
							
		 		 		 		 		 		  	T = Termination

 NOTE:
                        One (1) Occurrence to be forgiven after “SS” for each completed five (5) years of
service. 

  
 44 

 EXHIBIT E 

LATENESS LADDER OF DISCIPLINE 

Step # 1: Verbal Warning 
 Step # 2: Written Warning I 

Step # 3: Written Warning II 
 Step # 4: Final Written Warning

 Step # 5: Termination 
 NOTE: 

For each completed five (5) years of service, Step # 5 will be delayed once. 

Each five (5) year of service delay may be applied to either Lateness or Absence disciplinary action, but not both. 

After taking a five (5) year service delay Employees must complete two (2) additional years of service, before taking another five (5) year
service delay. 
 ln taking any (all) service delay(s) of Termination (Step # 5), Employees will be penalized with Step # 4: 2nd Suspension (five [5] days
without pay). 

  
 45 

 EXHIBIT F 

AGGREGATE LATENESS TIME 
 When an
employee’s total accumulated lateness time during a calendar year exceeds four (4) hours: 
  

	•	 	 If the employee is not on the “Lateness Ladder of Discipline”, then Step #1: (Verbal Warning) will be
administered. 

  

	•	 	 If the employee is on the “Lateness Ladder of Discipline”, then the next Step on the “LLOD”
will be administered. 

 Each additional lateness during the calendar year will result in disciplinary action being taken on the
“LLOD” as specified in Exhibit E. 

  
 46 

 EXHIBIT G 

CALENDAR YEAR LATENESS 
 When an
employee is late more than twenty (20) times in a calendar year: 
  

	•	 	 If the employee is not on the “LLOD”, then Step # 1: (Verbal Warning) will be administered.

  

	•	 	 If the employee is on the “LLOD”, then the next Step on the “LLOD” will be administered.

  
 47 

 EXHIBIT H 

NEW EMPLOYEE PROGRESS REPORT 
  

							
	Employee Name: «EmployeeName»	  		  	Title/Grade: «TitleGrade»
	Department: «Dept»	  		  	First Day in Position: «FirstDay»
			
	Type of Report (Check One):	  	New Employee ( )	  	New Position ( )

  

 

									
	PLEASE RATE PROGRESS OF EMPLOYEE ON EACH FACTOR USING THE NUMBERS THAT APPEAR BELOW:
					
	1 – Excellent	  	2 – Exceeds Expectations	  	3 – Meets Expectations	  	4 – Meets Some Expectations	  	5 – Does Not Meet

  

									
			 	 	 
		  		  	 1st Report

«FirstDueDate»
  
	  	 2nd Report

«SecondDate»
	  	 3rd Report

«ThirdDueDate»

	 	 	 	 
	
QUALITY
  
	  	 	  	 	  	 
	 	 	 	 
	
Accuracy, neatness and completeness of work assignment.
  
	  	 	  	 	  	 
	 	 	 	 
	
QUANTITY
  
	  	 	  	 	  	 
	 	 	 	 
	 Output
of work, considering newness of assignment.
  
	  	 	  	 	  	 
	 	 	 	 
	
JOB KNOWLEDGE
  
	  	 	  	 	  	 
	 	 	 	 
	 Ability
to learn, grasp concepts essential to the work, follow instructions, and apply knowledge. Extent to which employee is familiar with all aspects of and possess skills necessary to do the job and related work.

 
	  	 	  	 	  	 
	 	 	 	 
	
INITIATIVE
  
	  	 	  	 	  	 
	 	 	 	 
	 Ability
to work independently with a minimum of supervision and takes action beyond what is called for.
  
	  	 	  	 	  	 

  
 48 

									
	 	 	 	 
	
COOPERATION
  
	  	 	  	 	  	 
	 	 	 	 
	 Ability
to work well with co-workers, supervisors, customers, etc.
  
	  	 	  	 	  	 
	 	 	 	 
	
SUITABILITY
  
	  	 	  	 	  	 
	 	 	 	 
	 Are
attitude, personality and temperament appropriate for this kind of work? (Does the person match the job?)
  
	  	 	  	 	  	 
	 	 	 	 
	
COMMUNICATION SKILLS
  
	  	 	  	 	  	 
	 	 	 	 
	
Effective in expressing thoughts and ideas both verbally and written. Effectiveness in listening to others should also be considered as well as follow-up on work assignments.
  
	  	 	  	 	  	 
	 	 	 	 
	
INTERPERSONAL SKILLS
  
	  	 	  	 	  	 
	 	 	 	 
	
Effectively interacts with others on all levels throughout the organization as well as skill in dealing with others outside of the organization.

 
	  	 	  	 	  	 
	 	 	 	 
	
ATTENDANCE
  
	  	 	  	 	  	 
	 	 	 	 
	 Number
of days absent.
  
	  	 	  	 	  	 
	 	 	 	 
	
PUNCTUALITY
  
	  	 	  	 	  	 
	 	 	 	 
	 Number
of days late.
  
	  	 	  	 	  	 
				
	DO YOU RECOMMEND THAT	  		  		  	
				
	EMPLOYMENT CONTINUES?	  		  		  	
		  	  
	  	  
	  	  

 (over) 

  
 49 

 INSTRUCTIONS: 
  

	 	➣	 	 Complete each report, discussing employee’s progress with him/her. 

 

	 	➣	 	 Return report to Human Resources no later than dates indicated on form. 

 
  
  

					
	Report #1:	 	Employee’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Manager’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Dept. Head signature: ________________________________________________________________	 	Date:__________________
	
	Employee Comments:
	
	Remarks:
			
	Report #2	 	Employee’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Manager’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Dept. Head signature: ________________________________________________________________	 	Date:__________________
	
	Employee Comments:

  
  

 

  
 50 

 Remarks: 
  

 
  

					
	Report #3:	 	Employee’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Manager’s signature: ________________________________________________________________	 	Date:__________________
			
		 	Dept. Head signature: ________________________________________________________________	 	Date:__________________
	
	Employee Comments:
	
	Remarks:

  
 51 

 EXHIBIT I 

DATE 
 NAME 

ADDRESS 
 ADDRESS 

Dear NAME: 
 This letter (the “Agreement and
Release”) confirms our agreement with regard to your separation from employment with Amalgamated Bank (“Amalgamated Bank” or the “Bank”) effective on or about DOT (the “Separation Date”). Our understanding and
agreement with respect to your separation is as follows: 
 1. Your total unconditional compensation, payments and benefits from the Bank
shall be as follows (in each case less applicable statutory deductions and authorized withholdings): 
 1.1 You will receive your final pay
through the Separation Date. 
 1.2 You will be paid for all accrued but unused vacation benefits as of the Separation Date. 

1.3 If you currently have Bank medical or dental coverage, you will receive, under separate cover, general information about your rights to
elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). 
 Nothing in this Agreement and
Release is intended to impair any of these rights. 
 2. Provided you agree to and accept the terms of this Agreement and Release and do not
timely revoke your acceptance, you shall be eligible for the following benefits: 
 2.1. You will be paid in a lump sum, within 15 days
after this Agreement and Release becomes irrevocable in accordance with paragraph 15, the amount of AMOUNT ($$$$), less applicable statutory deductions and authorized withholdings (the “Separation Payment”), representing # OF WEEKS (#)
weeks’ base salary. 
 2.2. Following the Separation Date, the Bank shall pay to you an amount equal to the premium payments that you
pay for yourself (and your family, if applicable) for continuation of health coverage under COBRA, less applicable statutory deductions and authorized withholdings, for up to six (6) months beginning COBRA DATES, or until coverage is obtained
from another source, whichever is sooner. You agree to notify the Bank within two (2) business days following the commencement of full-time employment before LAST COBRA MONTH. 

  
 52 

 2.3. The benefits described in subparagraphs 2(a) and (b) shall be referenced in this
Agreement and Release collectively as the “Separation Benefits.” 
 3. You will cease to actively participate in all Bank benefit
plans and programs as of the Separation Date. 
 4. Other than as set forth in this Agreement and Release, you acknowledge and agree that
you are not entitled to and will not receive any additional compensation, payments or benefits of any kind from the Releasees (as that term is defined in subparagraph 6(b)), including, without limitation, any notice or separation payments otherwise
due under the Collective Bargaining Agreement or any offer letter, letter of employment or employment agreement you have with the Bank, and that no representations or promises to the contrary have been made to you. 

5. The Bank will not contest any lawful application by you to receive unemployment benefits. 

6. 6.1. As a condition of the Bank’s willingness to enter into this Agreement and Release, and in consideration for the agreements of the
Bank contained herein, you hereby release, waive and forever discharge the Releasees from, and hereby acknowledge full accord and satisfaction of, any and all claims, demands, causes of action, and liabilities of any kind whatsoever (upon any legal
or equitable theory, whether contractual, common law or statutory, under federal, state or local law or otherwise), whether known or unknown, asserted or unasserted, by reason of any act, omission, transaction, agreement or occurrence that you ever
had, now have or hereafter may have against the Releasees up to and including the date of the execution of this Agreement and Release. 

Without limiting the generality of the foregoing, you hereby release and forever discharge the Releasees from: 

6.1.1. any and all claims relating to or arising from your employment with the Bank, the terms and conditions of that employment, and the
termination of that employment; 
 6.1.2. any and all claims of age discrimination under the Age Discrimination in Employment Act and the
Older Workers Benefit Protection Act, as such laws have been amended; 
 6.1.3. any and all claims of employment discrimination, harassment
or retaliation under any federal, state or local statute or ordinance, public policy or the common law, including, without limitation, any and all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866 and 1991, the
Equal Pay Act, the Americans with Disabilities Act, the Worker Adjustment and Retraining Notification Act, the Family & Medical Leave Act, the New York State and New York City Human Rights Laws, the New York Labor Law, the New York Worker
Adjustment and Retraining Notification Act, the New York Whistleblower Law, the New York City Earned Safe and Sick Time Act, the New York Constitution, the District of Columbia Human Rights Act, the District of Columbia Parental Leave Act, the
District of Columbia Employee Accrued Sick and Safe Leave Act and the District of Columbia Family and Medical Leave Act and as such laws have been amended; 

  
 53 

 6.1.4. any and all contract claims, claims for bonuses, or claims for severance allowances
or entitlements; 
 6.1.5. any and all claims under the Collective Bargaining Agreement; 

6.1.6. any and all claims for employee benefits, including, without limitation, any and all claims under the Employee Retirement Income
Security Act of 1974; provided, however, that nothing in this paragraph 6 is intended to release, diminish, or otherwise affect any vested monies or other vested benefits to which you may be entitled from, under, or pursuant to any savings or
retirement plan of the Bank; 
 6.1.7. any and all claims for slander, libel, defamation, negligent or intentional infliction of emotional
distress, personal injury, prima facie tort, negligence, compensatory or punitive damages, or any other claim for damages or injury of any kind whatsoever; and 

6.1.8. any and all claims for monetary recovery, including, without limitation, attorneys’ fees, experts’ fees, medical fees or
expenses, costs and disbursements and the like. 
 This Agreement and Release is not intended to and does not affect any rights or claims
you may have arising after the date this Agreement and Release is executed by you. 
 6.2. For purposes of this Agreement and Release, the
term “Releasees” includes the Bank, its present and former direct and indirect parents, affiliates, divisions, subsidiaries, predecessors, successors and assigns, and their present and former officers, directors, employees,
representatives, attorneys and agents, whether acting as agents or in individual capacities, and the Bank’s pension and welfare benefit plans (and their respective administrators, fiduciaries, trustees and insurers), whether acting as agents or
in individual capacities, and this release shall inure to the benefit of and shall be binding upon and enforceable by all such entities and individuals. 

6.3. You agree that you will not recover upon, or otherwise enforce or accept monies or other relief from, any judgment, decision or award
upon any claim released by you in paragraph 6 of this Agreement and Release. 
 6.4 Nothing in this Agreement is intended to prevent you
from filing a charge or participating in any investigation or proceeding conducted by any federal, state, or local governmental agency including but not limited to the Equal Employment Opportunity Commission (the “EEOC”) and the
National Labor Relations Board; however, you will not be able to obtain any relief or recovery upon any such charge filed, including costs and attorneys’ fees. In addition, nothing in this Agreement shall be construed to prevent you from
disclosing information in any government investigation, or to law enforcement, the EEOC, the state division of human rights, a local commission on human rights or any attorney retained by you or to any court or judicial officer or pursuant to a
valid court order, subpoena or other lawful process. 
 7. You have not been told that the Bank or any Releasee will employ you in the
future, and you agree that the Bank shall not have any obligation in the future to reemploy you, or enter into any other business arrangement of any kind with you. You further agree that if you do seek reemployment or any other business arrangement
with the Bank under which you would receive compensation for services performed by you, a rejection by the Bank of your application or inquiry will not constitute a violation of this Agreement and Release. 

  
 54 

 8. 8.1. You agree to return to the Bank, on or before the Separation Date, any computer
equipment, cell phones, BlackBerry devices or other PDAs, office keys, credit cards, ID and access cards, etc., and any and all original and duplicate copies of your work product and of files, calendars, books, employee handbooks, records, notes,
notebooks, manuals, computer disks, diskettes and any other magnetic and other media materials you have in your possession or under your control belonging to the Bank, or containing confidential or proprietary information concerning the Bank, and
its officers, directors, employees, consultants, customers or operations. By signing this Agreement and Release, you confirm that you will not retain in your possession or under your control any of the documents or materials described in this
subparagraph 8(a), and that you are not entitled to receive the Separation Benefits unless this obligation is fully satisfied. 
 8.2. You
acknowledge that, while employed by the Bank, you had access to and possessed confidential and proprietary information and materials concerning the Bank and its employees that are not publicly available, including, without limitation, professional,
technical and administrative manuals, associated forms, processes, and computer systems (including hardware, software, database and information technology systems); other methodologies and systems; marketing, investment and business development
plans and strategies; customer and prospect files, lists and materials; financial models; operations; Bank costs, profits, and other financial information; short- and long-term strategy information; and personnel data and human resource strategies
(the “Confidential Information”). You agree that the Bank will be irreparably damaged if you use or disclose Confidential Information. You agree, therefore, never to use or disclose Confidential Information before it has become publicly
known, through no fault of your own. You also agree that, if you are ever asked to disclose any Confidential Information, pursuant to legal process or otherwise, you will contact the Bank’s General Counsel to seek the Bank’s consent prior
to any disclosure. 
 8.3. You agree, upon reasonable notice, to cooperate in any Bank investigation or any litigation, arbitration, or
regulatory proceeding in which the Bank is or may become involved, regarding events that occurred during your tenure with the Bank. You agree to make yourself reasonably available to consult with the Bank’s representatives, including its
counsel, to provide information, and to appear to give testimony. The Bank will reimburse you for reasonable out-of-pocket expenses that you incur in extending such
cooperation, so long as you provide written notice of your request for reimbursement and provide satisfactory documentation of the expenses. 

8.4. Nothing in this Agreement and Release is intended to or will limit your right to provide truthful and complete information to judicial or
administrative, governmental or regulatory authorities, in connection with any investigation involving the Releasees, or any of them. 
 9.
You agree that you will take no action that is intended, or would reasonably be expected, to harm or disparage the Releasees, or any of them, or to impair any of their reputations. 

  
 55 

 10. 10.1. You agree that you have properly reported all hours you have worked, and that you
have been paid all wages, overtime, commissions or other compensation that the Bank should have paid you through the Separation Date. 

10.2. You agree that you have received all leave to which you have been entitled, including leave pursuant to the federal Family and Medical
Leave Act, and any similar state or local laws, and that you have not been discriminated or retaliated against in any way for requesting or taking such leave. 

10.3. You agree that you have no known workplace injuries or occupationaldiseases. 

11. The making of this Agreement and Release is not intended, and shall not be construed, as an admission that the Releasees, or any of them,
have violated any federal, state or local law, ordinance or regulation, breached any contract, or committed any wrong whatsoever against you. 

12. You agree that, except as provided in the next sentence, the terms and conditions of this Agreement and Release shall be kept in
confidence. Unless and until you first obtain written permission from Tanisa Williams, Senior Vice President, Director of Human Resources, Amalgamated Bank, 275 Seventh Avenue, New York, New York 10001, and only to the extent you obtain such
permission, you will not knowingly disclose this information to anyone, except: (i) as reasonably necessary to enforce this Agreement and Release; (ii) to your attorneys or bona fide tax advisors; (iii) to your spouse or domestic partner;
(iv) to governmental taxing authorities; or, (v) pursuant to compulsory legal process or a court order. 
 13. You acknowledge
that the Bank has made no promises, commitments or representations to you other than those contained in this Agreement and Release and that you have not relied upon any statement or representation made by the Bank with respect to the basis or effect
of this Agreement and Release or otherwise. 
 14. You acknowledge that in Attachment A to this Agreement and Release, you have been
provided with information concerning (i) the group of employees covered by the Separation Program (the “Program”); the applicable time limits governing the Program; (iii) the job titles/classifications and ages of employees
selected for the Program; and (iv) the job titles/classifications and ages of employees not selected for the Program. (only for group termination) 

15. 15.1. You may review and consider this Agreement and Release for a period of 21 (if individual separation) or 45 (if group termination)
days. The Bank hereby encourages you to show and discuss this Agreement and Release with your attorney before signing it and that, to the extent you wished to do so, you have done so. If you executed this Agreement and Release before the end of the 21-day period (for individual separation) or 45-day period (if group termination), such early execution was completely voluntary, and you had reasonable and ample time in
which to review this Agreement and Release. You acknowledge that you have, in fact, carefully reviewed this Agreement and Release; and that you are entering it voluntarily and of your own free will. 

  
 56 

 15.2. You acknowledge that you are aware of your right to consult with a representative of
the Office & Professional Employees International Union, Local 153, AFL-CIO concerning your separation from employment with the Bank and that, to the extent you wished to do so, you have done so. 

15.3. For a period of seven days after you sign this Agreement and Release, you have the right to revoke it by providing notice in writing to:
Tanisa Williams, Senior Vice President, Director Human Resources, Amalgamated Bank, 275 Seventh Avenue, New York, New York 10001, by hand delivery, or via overnight courier, or email to tanisawiliams@Amalgamatedbank.com This Agreement and Release
will not become effective and enforceable until after the expiration of the seven-day revocation period. 

15.4. You understand that your acceptance of the Separation Payment at any time more than seven days after you sign this Agreement and Release
confirms that you did not revoke your assent to this Agreement and Release and, therefore, that it is effective and enforceable. 
 15.5.
The Bank will only accept a copy of this Agreement and Release signed after the Separation Date. 
 16. If, at any time after the date of
the execution of this Agreement and Release, any provision of this Agreement and Release shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect. However, the
illegality or unenforceability of such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement and Release; provided, however, that if paragraph 6 is held to be illegal, void or
unenforceable, you agree to promptly execute a valid general release and waiver in favor of the Releasees. This Agreement and Release contains the entire understanding of the parties with respect to the subject matter hereof, and supersedes all
prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof, except that any existing obligations you have under the Bank’s Code of Ethics (including, without limitation, the non-solicitation provisions of Section 6.26(B) and (C) thereof) and the Customer Privacy Code of Conduct shall remain in full force and effect. This Agreement and Release may not be changed orally, and no
modification, amendment or waiver of any of the provisions contained in this Agreement and Release, nor any future representation, promise or condition in connection with the subject matter hereof, shall be binding upon any party unless made in
writing and signed by such party. 
 17. You may not assign any of your rights or obligations under this Agreement and Release. This
Agreement and Release shall be binding upon and inure to the benefit of the Bank’s successors and assigns. Without limiting the foregoing, the Bank may assign its rights and delegate its duties hereunder in whole or in part to any affiliate of
the Bank or to any transferee of all or a portion of the assets or business to which this Agreement and Release relates. 
 18. This
Agreement and Release is governed by the laws of the State of New York, without regard to its conflict of laws provisions. 

  
 57 

 19. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original and all of which when taken together shall constitute one and the same agreement. Delivery by facsimile or by electronic transmission in portable document format (PDF) of an executed counterpart of this Agreement is as effective as delivery
of an originally executed counterpart of this Agreement. 
 If this Agreement and Release is acceptable to you, please indicate your
agreement by signing and dating the enclosed copy and returning it in the enclosed envelope. 
  

	
	Very truly yours,
	
	Tanisa Williams
	Senior Vice President
	Director of Human Resources

  
 58 

 READ THIS AGREEMENT AND RELEASE AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT; IT HAS
IMPORTANT LEGAL CONSEQUENCES AND INCLUDES A RELEASE AND WAIVER OF KNOWN AND UNKNOWN CLAIMS. CONSULT YOUR ATTORNEY BEFORE SIGNING IT. 
 I acknowledge
that I have read this Agreement and Release and that I understand and voluntarily accept its terms. 
 THIS IS A LEGALLY ENFORCEABLE DOCUMENT. 

Accepted and Agreed to: 
  

			
	Print
Name:                                        
                                         
                                      
                                     	 	
		
	Signature:                                    
                                         
                                        
                                         
 	 	  

		 	Date

 STATE OF ____________) 

) ss.: 
 COUNTY OF ____________)

 On this day of _________, 202_, before me personally came __________ to me known and known to me to be the person described herein and
who executed the foregoing Agreement and Release, and (s)he duly acknowledged to me that (s)he executed the same. 
  

			
		
		 	 
		 	Notary Public

  
 59 

 ATTACHMENT A 

 

	I.	 Group Covered by the Separation Program  

The decisional unit for the Program is Amalgamated Bank employees in DEPARTMENT. All employees whose employment is being terminated in this
workforce reduction are selected for the Program. 
  

	II.	 Applicable Time Limits  

Each selected employee will have 45 days to return a signed copy of the Agreement and Release, although he or she may submit it earlier than 45
days from receipt. The Bank will only accept a copy of the Agreement and Release signed after the employee’s Separation Date. Once the Agreement and Release has been signed, the participant in the Program has seven days to revoke it by
providing notice, in writing, to: Tanisa Williams, Senior Vice President, Director of Human Resources, Amalgamated Bank, 275 Seventh Avenue, New York, New York 10001, by hand delivery, or via overnight courier, or email to
tanisawilliams@AmalgamatedBank.com. 
  

	III.	 Job Titles/Classifications and Ages of Employees Selected for the Program1 

  

					
	 	  	 	  	
	 	  	 	  	
	 	  	 	  	
	 	  	 	  	

  

	IV.	 Job Titles/Classifications and Ages of Employees Not Selected for the Program2 

  

					
	 	  	 	  	

  

	1 	 All ages listed are calculated as of DATE 

	2 	 All ages listed are calculated as of DATEEX-10.6

 Exhibit 10.6 

AMALGAMATED BANK EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS: May 13, 2020 

APPROVED BY THE STOCKHOLDERS: April 29, 2020 

EFFECTIVE DATE: May 14, 2020 
  

	1.	 PURPOSE. 

The purpose of the Amalgamated Bank Employee Stock Purchase Plan is to provide eligible employees with an incentive to advance the interests of Amalgamated
Bank, a New York non-member commercial bank and chartered trust company (the “Bank”), by affording them an opportunity to purchase stock of the Bank at a favorable price. 

 

	2.	 GENERAL 

(a) 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. 
 (b) 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 Bank 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 options to purchase shares of Stock granted hereunder shall be null and void, except that any payroll deductions related to the options shall be returned to the applicable Participants. 

(c) Duration. The Plan shall remain in effect until the earliest of (i) the date the Board terminates the Plan pursuant to
Section 18, (ii) the Plan’s automatic termination as set forth in Section 18, 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.

  

	3.	 DEFINED TERMS. 

The following words and phrases as used in this Plan shall have the meanings set forth in this Section unless a different meaning is clearly required by the
context: 
 “Board” means the Board of Directors of the Bank. 

“Cancellation Notice” means the notice, in the form approved by the Committee, that is delivered by a Participant who wishes to cancel his or
her election to purchase Stock during an Offering, as described in Section 8(e). 
 “Cause” 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, with respect to a Participant, the occurrence of any of the following events: (a) the
Participant’s willful failure to substantially perform his or her duties and responsibilities to the Bank or any Subsidiary or affiliate or deliberate violation of a material Bank, Subsidiary or affiliate policy; (b) the Participant’s
commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (c) the Participant’s material unauthorized use or disclosure of any proprietary information or trade secrets of the Bank or any
Subsidiary or affiliate or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Bank; or (d) the Participant’s willful and material breach of any of his or her
obligations under any written plan or covenant with the Bank. 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 Bank, and all other affected persons. The foregoing definition does not in any way limit the Bank’s ability to terminate a Participant’s employment or service at any time, and the term
“Bank” will be interpreted herein to include any Subsidiary or affiliate 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 Bank, 

  
 B-1 

 
any Subsidiary or affiliate, or such Participant for any other purpose. For purposes of this definition, Cause shall not be considered to exist unless the Bank 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, and specifies the termination date.
The failure by the Bank to set forth in such notice any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Bank hereunder or preclude the Bank from asserting such fact or circumstance in enforcing the
Bank’s rights hereunder. 
 “Change in Control” means the occurrence of any one or more of the following events: (a) 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 Bank that, together with stock held by
such Person, constitutes more than 50% of the total fair market value or total voting power of the Bank’s stock; or (b) a sale, lease, exchange or other transfer, in one transaction or a series of related transactions undertaken with a
common purpose, of the Bank’s assets having a total Gross Fair Market Value of 40% or more of the total gross fair market value of all of the assets of the Bank. For this purpose, “Gross Fair Market Value” means the value of
the assets of the Bank, 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 (i) a transaction in which the holders of the outstanding voting securities of the Bank immediately prior to the transaction hold at least 50% of the outstanding voting securities of
the successor company immediately after the transaction; (ii) any transaction or series of transactions approved by the Board principally for bona fide equity financing purposes in which cash is received by the Bank or any successor thereto or
indebtedness of the Bank is cancelled or converted or a combination thereof; (iii) a sale, lease, exchange or other transfer of all or substantially all of the Bank’s assets to a majority-owned Subsidiary; or (iv) a transaction
undertaken for the principal purpose of restructuring the capital of the Bank, including, but not limited to, reincorporating the Bank in a different jurisdiction, or creating a holding company. 

Notwithstanding the foregoing, a Change in Control will only be deemed to occur if the consummation of the corporate transaction meets the requirements of
Treasury Regulation §1.409A-3(a)(5). 
 “Code” means the Internal Revenue Code of 1986, as amended, and any regulations or formal
guidance issued thereunder. 
 “Committee” means the Compensation Committee of the Board, or in its absence, the Board shall serve as the

 Committee. 
 “Bank” means Amalgamated Bank
a New York non-member commercial bank and chartered trust company. 
 “Effective Date” means May 14, 2020. 

“Eligible Compensation” means the gross (before taxes and other authorized payroll deductions are withheld) total of all wages, salaries,
commissions, overtime and bonuses received during the Offering Period, but shall not include (a) employer contributions to or payments from any deferred compensation program, whether such program is qualified under Code Section 401(a)
(other than amounts considered as employer contributions under Code Section 402(e)(3)) or nonqualified, (b) amounts realized from the receipt or exercise of a stock option that is not an incentive stock option within the meaning of Code
Section 422, (c) amounts realized at the time property described in Code Section 83 is freely transferable or no longer subject to a substantial risk of forfeiture, (d) amounts realized as a result of an election described in Code
Section 83(b), and (e) amounts realized as a result of a disqualifying disposition within the meaning of Code Section 421(b). 

“Eligible Employee” shall have the meaning set forth in Section 7. 

“Enrollment Form” means the enrollment form (in writing or electronic) approved by the Committee on which the 

Participant gives notice of his or her election to participate in an Offering under the Plan. 

“Excluded Class” means any or all of the following classes of employees: (a) employees who have been employed less than two
(2) years; (b) highly compensated employees (within the meaning of Code Section 414(q)); or (c) highly compensated employees (within the meaning of Code Section 414(q)) with compensation above a certain designated level, who are
officers, or who are subject to the disclosure requirements of Section 16(a) of the Securities Exchange Act of 1934. 

  
 B-2 

 “Fair Market Value” of a share of Stock means, for a particular day: 

(a) If shares of Stock of the same class are listed or admitted to unlisted trading privileges on any national or regional securities exchange
at the date of determining the Fair Market Value, then the last reported sale price, regular way, on the composite tape of that exchange on that business day or, if no such sale takes place on that business day, the average of the closing bid and
asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to unlisted trading privileges on that securities exchange or, if no such closing prices
are available for that day, the last reported sale price, regular way, on the composite tape of that exchange on the last business day before the date in question; or 

(b) If subparagraph (a) does not apply and if sales prices for shares of Stock of the same class in the over-the-counter market are
reported by Nasdaq (or a similar system then in use) at the date of determining the Fair Market Value, then the last reported sales price so reported on that business day or, if no such sale takes place on that business day, the average of the high
bid and low asked prices so reported or, if no such prices are available for that day, the last reported sale price so reported on the last business day before the date in question; or 

(c) If subparagraphs (a) and (b) do not apply and if bid and asked prices for shares of Stock of the same class in the over-the-counter
market are reported by Nasdaq (or, if not so reported, by the National Quotation Bureau Incorporated) at the date of determining the Fair Market Value, then the average of the high bid and low asked prices on that business day or, if no such prices
are available for that day, the average of the high bid and low asked prices on the last business day before the date in question; or 
 (d)
If subparagraphs (a)-(c) do not apply at the date of determining the Fair Market Value, then the value determined in good faith by the Committee, which determination shall be conclusive for all purposes; or 

(e) If subparagraphs (a), (b) or (c) apply, but the volume of trading is so low that the Board determines in good faith that such prices
are not indicative of the fair value of the Stock, then the value determined in good faith by the Committee, which determination shall be conclusive for all purposes notwithstanding the provisions of subparagraphs (a), (b), and (c). 

If the Committee is required to determine Fair Market Value under (d) or (e) above, the Fair Market Value determination will be based on all
relevant facts and circumstances, including, but not limited to: (i) the market value of the shares of comparable banks, and (ii) the trend of the Bank’s earnings. 

“Grant Date” means the first day of an Offering Period. 

“Offering” means the offer by the Bank during the designated Offering Period to permit Eligible Employees to elect to purchase shares of
Stock at the designated Purchase Price. 
 “Offering Period” means the period specified by the Committee as described in Section 8.
“Participant” means each Eligible Employee who elects to participate in an Offering Period. “Participating Affiliate” shall have the meaning set forth in Section 6. 

“Plan” means this Amalgamated Bank Employee Stock Purchase Plan. 

“Purchase Date” means the last day of an Offering Period. 

“Purchase Price” means the per share price of Stock to be paid by each Participant on the Exercise Date for an Offering, which amount shall
be designated by the Committee but shall never be less than eighty-five (85%) of the Fair Market Value of the Stock on the Purchase Date. 

“Stock” means the authorized $0.01 par value common stock of the Bank, which shares may be unissued shares or reacquired shares or shares
bought on the market for purposes of the Plan. 

  
 B-3 

 “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. 
  

	4.	 ADMINISTRATION OF THE PLAN. 

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. Subject to the provisions of the Plan, the Committee shall interpret and construe the Plan and all
options granted under the Plan; shall make such rules as it deems necessary for the proper administration of the Plan; shall make all other determinations necessary or advisable for the administration of the Plan, including the determination of
eligibility to participate in the Plan and the amount of a Participant’s option under the Plan; and shall correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option granted under the Plan, in the
manner and to the extent that the Committee deems desirable to carry the Plan or any option into effect. The Committee shall, in its sole discretion exercised in good faith, make such decisions or determinations and take such actions as it deems
appropriate, and all such decisions, determinations and actions taken or made by the Committee pursuant to this and the other paragraphs of the Plan shall be conclusive and binding on all parties. The Committee shall not be liable for any decision,
determination or action taken or not taken in good faith in connection with the administration of the Plan. The Committee, in its discretion, may approve the use of a voice response system or on-line administration system through which Eligible
Employees and the Committee may act under the Plan, as an alternative to written forms, notices and elections. 
  

	5.	 STOCK SUBJECT TO THE PLAN. 

Subject to the provisions of Section 13, the aggregate number of shares which may be sold pursuant to options granted under the Plan shall not exceed five
hundred thousand (500,000) shares of Stock. Should any option granted under the Plan expire or terminate prior to its exercise in full, the shares theretofore subject to such option may again be subject to an option granted under the Plan. Any
shares of Stock which are not subject to outstanding options upon the termination of the Plan shall cease to be subject to the Plan. 
  

	6.	 PARTICIPATING AFFILIATE. 

Each present and future parent and Subsidiary corporation of the Bank (within the meaning of Code Sections 424(e) and (f)) that is eligible by law to
participate in the Plan shall be a “Participating Affiliate” during the period that such entity is such a parent or Subsidiary corporation; provided, however, that (a) the Committee may at any time and from time to time,
in its sole discretion, terminate a Participating Affiliate’s participation in the Plan, and (b) any foreign parent or Subsidiary corporation of the Bank shall be eligible to participate in the Plan only upon approval of the Committee. Any
Participating Affiliate may, by appropriate action of its Board of Directors, terminate its participation in the Plan. Transfer of employment among the Bank and Participating Affiliates (and among any other parent or Subsidiary corporation of the
Bank) shall not be considered a termination of employment hereunder. 
  

	7.	 ELIGIBILITY. 

Any employee of the Bank or a Participating Affiliate (determined under Treasury Regulation section 1.421-1(h)) who satisfies all of the following
requirements as of the applicable Grant Date (“Eligible Employee”) shall be eligible to participate in any Offering Period that begins on or after the first day of the next calendar quarter after all such requirements are met: 

(a) The employee is customarily employed by the Bank and/or one or more Participating Companies at least twenty (20) hours per week and
at least five (5) months per year; and 

  
 B-4 

 (b) The employee does not, immediately after the option is granted, own stock possessing
five-percent (5%) or more of the total combined voting power or value of all classes of stock of the Bank or of a parent or Subsidiary corporation (within the meaning of Sections 423(b)(3) and 424(d) of the Code); and 

(c) The employee is not within one (1) or more Excluded Categories that the Committee has designated (in writing or electronically) as
being ineligible to participate in the Offering. 
  

	8.	 OFFERING. 

(a) Offering Period. The Committee shall designate (in writing or electronically) one or more Offering Periods during which the Bank will offer
options to Eligible Employees to purchase shares of Stock under this Plan, which designation shall be incorporated by reference into the Plan. An Offering Period may have any length between one (1) month and one (1) year. Offering Periods
may be alternative, concurrent, sequential or overlapping, and need not have the same duration, commencing or ending dates, or Purchase Prices; provided, however, all Eligible Employees who are eligible to purchase shares of Stock during an
Offering Period shall have the same rights and privileges with respect to that Offering Period. 
 (b) Election to Participate. Each
Eligible Employee who elects to participate in an Offering (a “Participant”) shall deliver to the Bank, within the time period designated by the Committee, an Enrollment Form (in writing or electronic) approved by the Committee, on
which the Participant will give notice of his or her election to participate in the Plan as of the next following Grant Date, and the percentage or specific amount (as determined by the Committee) of his or her Eligible Compensation to be deducted
for each pay period during the Offering Period and credited to a book entry account established in his or her name. The designated percentage or specific amount of a Participant’s Eligible Compensation to be deducted for each pay period during
an Offering Period may not be less than one-percent (1%) or greater than (i) twenty-five-percent (25%) of the amount of Eligible Compensation (after taxes and any other authorized payroll deductions are withheld) from which the deduction is
made; or (ii) an amount which will result in non-compliance with the annual limitations stated in Section 8(d) below. The Committee may adopt a procedure pursuant to which a Participant who has elected to participate in an Offering shall
be deemed to have made the same election for each subsequent Offering for which he or she is eligible, unless and until the Participant cancels his or her election as described in Section 8(e) below. 

(c) Payment for Shares. A Participant may elect to purchase shares of Stock during an Offering Period only by means of payroll deduction. 

(d) Annual Limitations. No Eligible Employee shall be granted an option under the Plan to purchase Stock to the extent such grant would permit
his or her rights to purchase Stock under the Plan and under all other employee stock purchase plans of the Bank and its parent and Subsidiary corporations (as such terms are defined in Section 424(e) and (f) of the Code) to accrue at a
rate which exceeds, in any one calendar year in which any such option granted to such Eligible Employee is outstanding at any time (within the meaning of Section 423(b)(8) of the Code), the lesser of (i) $25,000 in Fair Market Value of Stock
(determined in accordance with Section 8(b) at the time the option is granted), or (ii) fifteen percent (15%) of the Participant’s Eligible Compensation (determined at the time the option is granted). 

(e) Cancellation of Election. Any Participant may cancel his or her election made for an Offering Period at any time prior to thirty
(30) days before the Purchase Date for that Offering Period. Partial withdrawals shall not be permitted. A Participant who wishes to cancel his or her election must timely deliver (in writing or electronically) to the Bank a Cancellation Notice
in the form approved by the Committee. The Bank, promptly following the time when the such Cancellation Notice is delivered, shall refund to the Participant the amount of the cash balance in his or her account under the Plan and shall cancel the
Participant’s payroll deduction authorization and his or her interest in unexercised options under the Plan shall terminate. A Participant who cancels his or her election shall not be eligible to participate in the Plan during the then current
Offering Period, but shall be eligible to participate again in the Plan in a subsequent Offering Period (provided that the Participant is otherwise eligible to participate in the Plan at such time and complies with the enrollment procedures).

 (f) Termination of Employment. If the employment of a Participant terminates for any reason (including death), his or her election made
for the current Offering Period and his or her participation in the Plan shall 

  
 B-5 

 terminate as of the date of termination of employment; provided, however, if such
termination occurs within the last two (2) weeks of the Offering Period, the Participant’s participation shall not terminate until the end of the Offering Period after his or her Plan account has been applied toward the purchase of shares
of Stock for such Offering Period. The Bank shall refund to the Participant the amount of the cash balance in his or her account under the Plan, and no further shares of Stock will be purchased under the Plan. 

(g) Leaves of Absence. For purposes of this Plan, the Participant’s employment will be treated as continuing while the Participant is on
military, sick leave or other bona fide leave of absence if such leave does not exceed ninety (90) days or, if longer, such period during which the Participant continues to be guaranteed reemployment rights by statute or contract as described
in Treasury Regulation §1.421-7(h)(2). If a Participant takes an unpaid leave of absence, then such Participant may not make additional contributions under the Plan while on such unpaid leave of absence (except to the extent of any Eligible
Compensation paid during such leave), but any payroll deductions already taken during the applicable Offering Period shall be applied to exercise options on the next following Purchase Date, unless cancelled pursuant to Section 8(e) or
(f) above. 
  

	9.	 PURCHASE OF STOCK. 

On the Purchase Date at the end of an Offering Period, each Participant in the Offering, automatically and without any act on his or her part, shall be deemed
to have exercised his or her option to purchase whole shares of Stock at the Purchase Price designated by the Committee for such Offering. The number of whole shares of Stock to be purchased by a Participant shall be the total payroll deductions
withheld on behalf of such Participant during the Offering Period divided by the Purchase Price of the Stock. To the extent that, after the purchase of the maximum number of whole shares of Stock permitted under the Plan with respect to an Offering
Period, there is cash remaining in the Participant’s Plan account, the Bank shall as soon as practicable issue the Participant a check for such amount. 
  

	10.	 DELIVERY OF SHARE CERTIFICATES. 

As soon as practicable after each Purchase Date, the Bank shall issue one or more certificates representing the total number of whole shares of Stock purchased
by all Participants during such Offering Period. Any such certificate shall be held by the Bank (or its agent) and may be held in street name. If the Bank issues a certificate representing the shares of more than one Participant, the Bank shall keep
accurate records of the beneficial interests of each Participant in each such certificate by means of a Bank stock account. Each Participant shall be provided with such periodic statements as may be directed by the Committee reflecting all activity
in any such Bank stock account. In the event the Bank is required to obtain from any commission or agency the authority to issue any such certificate, the Bank shall seek to obtain such authority. Inability of the Bank to obtain from any such
commission or agency the authority which counsel for the Bank deems necessary for the lawful issuance of any such certificate shall relieve the Bank from liability to any Participant in the Plan except to return to him or her the amount of the
balance in his or her account. A Participant may, on the form approved by the Committee, request the Bank to deliver to such Participant a certificate issued in his or her name representing all or a part of the aggregate whole number of shares of
Stock then held by the Bank on his or her behalf under the Plan. Further, as soon as administratively practicable following the termination of a Participant’s employment with the Bank and its parent or Subsidiary corporations for any reason,
the Bank shall deliver to such Participant a certificate issued in his or her name representing the aggregate whole number of shares of Stock then held by the Bank on his or her behalf under the Plan. Neither the Bank nor the Committee shall have
any liability with respect to a delay in the delivery of a Stock certificate pursuant to this Section 10. 
 While shares of Stock are held by the Bank
(or its agent), such shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of by the Participant who has purchased such shares; provided, however, that such restriction shall not
apply to the transfer of such shares of Stock pursuant to (a) a plan of reorganization of the Bank (but the stock, securities or other property received in exchange therefor shall be held by the Bank pursuant to the provisions hereof), or
(b) a divorce (subject to the holding period requirements described in Section 11 below). 

  
 B-6 

	11.	 HOLDING PERIOD. 

Subject to the Bank’s Stock Ownership Policy for Executives, a Participant may not dispose of (in any manner including assignment or hypothecation) shares
of Stock acquired under this Plan until six (6) months following the Grant Date of such shares (the “Holding Period”); provided, however, this Holding Period may expire on an earlier date to the extent that the Committee
determines, in its sole discretion, that the Participant would qualify for a hardship distribution from the Bank’s 401(k) Plan. Upon the expiration of the Holding Period for any share of Stock, the Participant may dispose of such Stock as long
as such disposition complies with all applicable securities laws. 
 While the Plan requires only a 6-month Holding Period, each Participant may be required
to hold his or her shares of Stock acquired through this Plan until the later of twelve (12) months following their Purchase Date or twenty-four (24) months following their Grant Date, if the Participant desires to achieve capital gains
treatment with respect to any gain. To the extent that the Company or any of its Subsidiaries or affiliates is required to withhold federal, state or any other taxes in connection with a Participant’s participation in this Plan, the Participant
consents to the Company or such Subsidiary or affiliate deducting such amount from any compensation due to such Participant by the Company or such Subsidiary or affiliate. Notwithstanding the foregoing, each Participant remains solely responsible
for all taxes due with respect to his or her participation in the Plan. 
  

	12.	 INSUFFICIENCY OF SHARES AVAILABLE FOR ISSUANCE. 

If the total number of shares of Stock remaining available for issuance pursuant to Section 5 is less than the total number of shares of Stock that has
been elected by Participants to be purchased for a given Offering Period, after application of the limitations in Sections 8(b), (d) and (f) (but not this Section 8(e)) (the “Total Share Limit”), then the number of shares of
Stock that could otherwise be acquired by each Participant for the given Offering Period shall be reduced proportionately based on the ratio that such available shares bears such total shares elected to be purchased by all Participants with respect
to such Offering Period. 
  

	13.	 RESTRICTION UPON ASSIGNMENT. 

An Eligible Employee rights under the Plan shall not be transferable otherwise than by will or the laws of descent and distribution. An Eligible
Employee’s option to purchase shares of Stock shall be exercisable, during the Participant’s lifetime, only by the Eligible Employee to whom it was granted. The Bank shall not recognize any assignment or purported assignment by an Eligible
Employee of his or her option or of any rights under his or her option, and any such attempt may be treated by the Bank as an election to withdraw from the Plan. Notwithstanding the foregoing, a Participant may file a written designation of a
beneficiary who is to receive any shares of Stock and cash in the Participant’s Plan account in the event of such Participant’s death. Such designation of beneficiary may be changed by the Participant at any time by written notice during
Participant’s lifetime. Upon the death of a Participant and upon receipt by the Bank of proof of the identity and existence of a beneficiary validly designated by him or her under the Plan, the Bank shall deliver such shares and cash to such
beneficiary. In the event of the death of the Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Bank shall deliver such shares of Stock and cash to the
executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Bank) the Bank shall deliver such shares of Stock and cash to the applicable court having jurisdiction
over the administration of such estate. No designated beneficiary shall, prior to the death of the Participant by whom he or she has been designated, acquire any interest in the shares or Stock or cash credited to the Participant under the Plan.

  

	14.	 NO STOCKHOLDER RIGHTS. 

A Participant shall not have any rights or privileges of a stockholder until the Bank has issued a certificate for shares of Stock to the Participant following
the applicable Purchase Date. With respect to a Participant’s Stock that has been issued but is held by the Bank (or its agent) pursuant to Section 10, the Bank shall, as soon as practicable and in accordance with applicable law, pay the
Participant any cash dividends attributable thereto and facilitate the Participant’s voting rights attributable thereto. 

  
 B-7 

	15.	 CLAWBACK/RECOVERY. 

All shares of Stock purchased under the Plan will be subject to clawback, recovery, or recoupment, as determined by the Committee in its sole discretion,
(a) as provided in the Bank’s Policy on Sound Executive Compensation and any other compensation clawback or forfeiture policy implemented by the Bank from time to time and applicable to all officers of the Bank 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 Bank, (b) 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, (c) 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, or the Participant’s termination with the Bank
or its Subsidiaries is for Cause, and/or (d) 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 Bank or any of its Subsidiaries. 

 

	16.	 CHANGES IN STOCK; ADJUSTMENTS. 

Whenever any change is made in the Stock, by reason of a stock dividend or by reason of subdivision, stock split, reverse stock split, recapitalization,
reorganization, combinations, reclassification of shares, or other similar change, appropriate action will be taken by the Committee to appropriately adjust the number of shares of Stock subject to the Plan, the minimum and maximum number of shares
that may be purchased hereunder, and the number and Purchase Price of shares available for purchase and elections made to purchase such shares during the current Offering Period. 

Upon the occurrence of a Change in Control, unless a surviving corporation assumes or substitutes new options to purchase (within the meaning of Code
Section 424(a)) for all options to purchase shares of Stock then outstanding or the Committee elects to continue the options to purchase shares of Stock then outstanding without change, the Purchase Date for all options then outstanding shall
be accelerated to a date fixed by the Committee prior to the effective date of such Change in Control. 
  

	17.	 USE OF FUNDS; NO INTEREST PAID. 

All funds received or held by the Bank under the Plan shall be included in the general funds of the Bank free of any trust or other restriction, and may be
used for any corporate purpose. No interest shall be paid to any Participant or credited to his or her account under the Plan. 
  

	18.	 AMENDMENT OR TERMINATION THE PLAN. 

The Board in its discretion may terminate the Plan at any time with respect to any shares for which options have not theretofore been granted. The Committee
shall have the right to alter or amend the Plan or any part thereof, from time to time without the approval of the stockholders of the Bank; provided, that no change in any option theretofore granted, other than a change determined by the
Committee to be necessary to comply with applicable law, may be made which would impair the rights of the Participant without the consent of such Participant; and provided, further, that the Committee may not make any alteration or amendment,
without the approval of the stockholders of the Bank, which would (i) increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan (other than as a result of the anti-dilution provisions of the Plan), (ii)
change the annual limitation under section 8(d)(ii), (iii) extend the term of an Offering Period or the term of the Plan (as defined below), (iv) change the class of individuals eligible to receive options under the Plan, or (v) cause options
issued under the Plan to fail to meet the requirements for employee stock purchase plans as defined in Section 423 of the Code. 
 Unless earlier
terminated by the Board, the Plan shall automatically terminate on, and no further Offering Periods shall begin ten (10) years after its Effective Date; 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 option previously granted under the Plan, without the written (or electronic) consent of the Participant who
has elected to purchase shares pursuant to such option. No further options to purchase may be granted under the Plan after the Plan is terminated. 

  
 B-8 

	19.	 SECURITIES LAWS. 

The Bank shall not be obligated to issue any Stock pursuant to any option granted under the Plan at any time when the shares covered by such option have not
been registered under the Securities Act of 1933, as amended, and such other state and federal laws, rules or regulations as the Bank or the Committee deems applicable and, in the opinion of legal counsel for the Bank, there is no exemption from the
registration requirements of such laws, rules or regulations available for the issuance and sale of such shares. Further, all Stock acquired pursuant to the Plan shall be subject to the Bank’s policy or policies, if any, concerning compliance
with securities laws and regulations, as the same may be amended from time to time. 
 The Committee may cause the Stock certificates issued under the Plan
to bear such legend or legends, and the Committee may take such other actions, as it deems appropriate in order to reflect the provisions of Section 10 and 11 and to assure compliance with applicable securities laws. 

 

	20.	 NO RESTRICTION ON CORPORATE ACTION. 

Nothing contained in the Plan shall be construed to prevent the Bank or any parent or Subsidiary from taking any corporate action which is deemed by the Bank
or such parent or Subsidiary to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any grant made under the Plan. No employee, beneficiary or other person shall have any claim against the
Bank or any parent or Subsidiary as a result of any such action. 
  

	21.	 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 Bank’s intranet (or other shared electronic medium controlled by the Bank to which the Participant has access). 

 

	22.	 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. 
  

	23.	 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. 
 Adopted this 14th day of May, 2020. 

 

			
	AMALGAMATED BANK

 
			
		
	By:	 	 /s/ Keith Mestrich

	Name:	 	Keith Mestrich
	Title:	 	President & Chief Executive Officer

  
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