Adrian Glace
About Adrian Glace
Adrian Glace, age 48, is Senior Vice President and Chief Technology Officer at Amalgamated Financial Corp. (AMAL) since October 2023, responsible for enterprise technology strategy, solutions, roadmap, and critical vendor relationships. He holds a B.A. in Computer Information Science and Finance (Franciscan University of Steubenville) and an MBA in Finance and Operations Management (NYU), and carries several IT certifications . Operating context: AMAL delivered FY2024 net income of $106.4M ($3.44 diluted EPS) with a 50.62% efficiency ratio and a 3‑year average TSR of 27.6%, and emphasized ongoing digital transformation investment—factors relevant to CTO priorities and incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Valley National Bank | Director of Product & Platform Engineering | Apr 2022 – Oct 2023 | Led process improvement, platform integration, solution architecture, AML support |
| Bank Leumi | Head of Application Management | Mar 2015 – Apr 2022 | Owned digital/customer-facing, credit risk, loan origination, compliance, fraud, payments, core processing platforms |
| Fidelity Information Services (FIS) | Technology Solutions (Banking Clients) | Apr 2002 – Mar 2015 | Delivered technology solutions to banking clients |
External Roles
No public company board service or external directorships disclosed for Mr. Glace in the company’s executive biographies .
Fixed Compensation
AMAL discloses detailed pay only for Named Executive Officers (NEOs: CEO, CFO, Chief Banking Officer, COO, Chief Legal Officer). Mr. Glace is not an NEO in 2024/2025 proxy disclosures; his base salary and cash compensation were not individually disclosed .
Performance Compensation
AMAL’s incentive architecture (applies to NEOs and broadly to senior executives per policy) is anchored by an Annual Incentive Plan (AIP) with financial/operational metrics and a Long‑Term Incentive Plan (LTIP) split between performance RSUs (PRSUs) and time‑based RSUs (TRSUs). Mr. Glace’s specific targets/awards are not disclosed; the tables below show company plan design and 2024 outcomes used for executives.
- Annual Incentive Plan (2024 design and outcomes)
| Metric (AIP) | Weight | Threshold | Target | Maximum | Actual 2024 | Payout as % of Target |
|---|---|---|---|---|---|---|
| Core Earnings ($M) | 40% | 96.1 | 104.0 | 108.0 | 101.8 | 72% |
| Adjusted Core Efficiency Ratio | 20% | 52.0% | 50.8% | 50.2% | 50.3% | 178% |
| Growth of Non‑Time Deposits | 20% | 0.0% | 2.4% | 5.0% | 4.50% | 179% |
| Nonperforming Assets / Total Assets | 20% | 0.45% | 0.32% | 0.28% | 0.31% | 107% |
| Total AIP Corporate Payout | 50% | 100% | 200% | 121% |
- Long-Term Incentive Plan (design parameters)
| LTIP Component | Weight | Performance curve | Notes |
|---|---|---|---|
| Adjusted Tangible Book Value (ATBV) growth PRSUs | 50% | 50% payout at threshold; 100% at target; 150% at max | Three-year average ATBV growth; PRSUs cliff vest after 3 years; dividends accrue and pay at vest |
| Relative TSR PRSUs | 50% | 25th=50%; 50th=100%; 75th=150%; capped at 100% if absolute TSR negative | Three-year rTSR vs peer banks; cliff vest after 3 years; dividends accrue and pay at vest |
| Time‑based RSUs (TRSUs) | — | — | Vest ratably over 3 years; dividends accrue and pay at vest |
Note: Company reported 2022–2024 LTIP cycles paying at 150% on both rTSR and ATBV for NEOs, illustrating plan rigor; specific to NEO grants, not Mr. Glace .
Equity Ownership & Alignment
| Policy/Program | AMAL standard |
|---|---|
| Hedging/pledging | Prohibited: no short sales, options, hedging/monetization, margin or pledging of AMAL stock |
| Clawback | SEC/Nasdaq‑compliant mandatory recovery of incentive comp after restatement; also misconduct‑based recoupment over prior 3 fiscal years |
| Executive stock ownership | EVP and above must hold: CEO 4x salary; SEVP 2x; other EVPs 1x; 5‑year compliance window; retention of 50% net shares until compliant. Note: CTO role is SVP; policy expressly applies to EVP+ |
| Equity plan capacity | 1.3M shares authorized under 2023 Equity Incentive Plan; 570,913 shares available as of 9/30/25 |
| Award forms/vesting | TRSUs vest over 3 years; PRSUs based on 3‑yr rTSR and ATBV growth; dividends accrue and pay at vest |
| Deferred compensation (DSUs) | Bonus Deferral & Stock Purchase Plan allows up to 100% AIP deferral into DSUs; company matches 100% up to 35% of deferred bonus; DSUs deliver at separation/CIC/emergency; dividends reinvest; 0.9‑yr avg remaining expense at 9/30/25 |
| Legacy options | No new options; legacy options remain (50,960 outstanding at 9/30/25; WAE price $13.63; 1.2 years remaining) |
Personal share ownership, vested/unvested breakdown, and any pledging for Mr. Glace are not disclosed in the proxy ownership tables (limited to directors and NEOs) .
Employment Terms
- Role start: Senior Vice President & CTO since October 2023 .
- Contract economics: AMAL publicly discloses employment agreements for CEO/CFO/CBO/COO/CLO, not for CTO; NEO agreements provide a reference template (not confirmed for CTO):
- Without Cause/Good Reason: 12 months base salary + target bonus + prorated bonus; 12 months COBRA .
- CIC double‑trigger (or 90 days pre‑CIC at acquirer request): 21 months base salary + 175% of target bonus; COBRA for 12 months; no 280G gross‑up (best‑net cutback applies) .
- CEO agreement includes non‑compete and non‑solicit for the longer of 12 months or severance period; similar restrictions may apply by role, but CTO terms are not disclosed .
Performance & Track Record
- Company execution in FY2024: Net income $106.4M; diluted EPS $3.44; efficiency ratio 50.62%; core net income $107.8M; 3‑year average TSR 27.6% .
- Digital transformation investment: Management highlighted continued technology spend increases to support transformation (+$0.5M QoQ in 3Q25), with compensation expense also rising alongside company performance . Technology expense rose to $5.98M in 3Q25 from $5.09M in 3Q24 and $17.08M YTD vs $14.50M prior year, showing sustained investment under the CTO’s organizational remit .
Compensation Committee Analysis
- Committee/Consultant: Compensation & Human Resources Committee (independent directors) oversees executive pay, uses Farient Advisors as independent compensation consultant; committee met 9 times in 2024 .
- Peer group: Includes 1st Source, Ameris, Axos Financial, Brookline, Byline, Cathay, ConnectOne, Dime, Enterprise Financial, First Busey, First Commonwealth, Flushing, Home Bancshares, NBT, OceanFirst, Peapack‑Gladstone, Provident Financial Services, Renasant, ServisFirst, Univest .
- Say‑on‑Pay: 98.5% approval in the last vote, signaling strong shareholder support for the pay program .
Risk Indicators & Red Flags
- Hedging/pledging prohibitions and clawback policy reduce misalignment risk .
- Section 16 reporting: The company cited certain late filings for 2024 for named officers; no mention of Mr. Glace among late filers (list includes CEO, CFO, CBO, COO, CLO, others) .
- Related‑party and governance constructs are detailed, with robust policies and Workers United governance arrangements transparently disclosed (board designation rights, committee representation) .
Investment Implications
- Alignment and retention: While Mr. Glace’s individual pay is undisclosed, AMAL’s enterprise design places significant weight on long‑term PRSUs tied to ATBV growth and relative TSR, with explicit clawbacks and hedging/pledging bans—supportive of alignment and lower agency risk for senior leaders, including the CTO’s organization .
- Execution focus: Elevated and rising technology spend tied to the bank’s digital transformation should be monitored as a lever for operating efficiency and growth; incentive metrics (efficiency ratio, core earnings, deposit mix) directly link payouts to operating improvement .
- Watch‑items for trading/pressure: Look for future 8‑K Item 5.02 filings (officer comp/awards/role changes) and Section 16 Form 4s to assess vesting calendars and potential selling pressure; current policies prohibit pledging and hedging, reducing forced‑sale risk .