Amalgamated Financial Corp. announced that On August 11, 2022, Mr. Stephen R. Sleigh notified Company of his decision to resign from the Company's Board of Directors effective immediately. Mr. Sleigh was appointed to the Board pursuant to a Side Letter with Yucaipa Corporate Initiatives Fund II, L.P. and Yucaipa Corporate Initiatives (Parallel) Fund II, L.P. (the “Yucaipa Funds”), whereby so long as the Yucaipa Funds and its affiliates own a number of shares representing 5.0% of the Company's common stock then outstanding, the Company shall take all requisite corporate action to effect the nomination of one director designated by the Yucaipa Funds; provided, however, that in the event that the Yucaipa Funds no longer own 5.0% of the Company's common stock at any time, the Yucaipa Funds shall notify the Company and use its best efforts to have the nominee immediately resign.

Through Section 16 reports filed by its limited partners, it was disclosed that the Yucaipa Funds' ownership of the Company's common stock has declined below 5.0%.