UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 13, 2021 (April 8, 2021)
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed on our Current Report on Form 8-K/A filed with the SEC on February 3, 2021, effective February 1, 2021, the boards of directors of Amalgamated Financial Corp. (the “Company,” “we,” “us” and “our”) and Amalgamated Bank (the “Bank”) appointed Lynne P. Fox as Interim President and Chief Executive Officer of the Company and the Bank, while we continue to search for a permanent successor.
On April 8, 2021, following the recommendation of our compensation and human resources committee, our board of directors determined that Ms. Fox will receive a monthly salary of $50,000 for the duration of her appointment as Interim President and Chief Financial Officer of the Company and the Bank, retroactively effective as of February 1, 2021. Ms. Fox will also receive an award of restricted stock units on the date of our regularly scheduled annual director equity grant (which is expected to be on April 28, 2021), having a value on the grant date of approximately $50,000, pursuant to the terms of the Amalgamated Financial Corp. 2021 Equity Incentive Plan. The actual number of restricted stock units to be awarded will be determined by dividing $50,000 by the closing price per share of our common stock as quoted by The Nasdaq Stock Market on the grant date. The restricted stock units will be awarded under our standard form of restricted stock unit award agreement and will vest in equal annual installments on the first, second and third anniversary of the grant date, subject to her continued service as a director. This award will be in addition to our regular annual director equity award that Ms. Fox will receive in her capacity as a director.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMALGAMATED FINANCIAL CORP. | |||||||||||
By: | /s/ Jason Darby | ||||||||||
Name: | Jason Darby | ||||||||||
Title: | Chief Accounting Officer | ||||||||||
| Date: April 13, 2021 | |||||||||||
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