KRUCZLNICKI DAVID G 4

What Happened

• David G. Kruczlnicki, a director of Arrow Financial Corp. (AROW), was granted 818 restricted shares on January 28, 2026. The award is recorded at $32.43 per share for a total grant value of $26,528. This was an equity award (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date & price: 2026-01-28 at $32.43 per share.
• Shares received & value: 818 shares, total value $26,528.
• Vesting: The restricted stock vests in three equal installments on Jan 28, 2027; Jan 28, 2028; and Jan 28, 2029 (per footnote).
• Shares owned after transaction: Not specified in the provided filing details.
• Filing: Form 4 filed Feb 4, 2026 (Accession 0001184681-26-000002). The provided data does not indicate a late-filing notation.

Context

• This was a restricted stock grant as director compensation — a non-market acquisition that increases insider ownership over time as shares vest. Such awards are routine for directors and are not an immediate market buy or sell, so they should be interpreted as compensation rather than a direct trading signal.