CHAMPION GREGORY J 4

What Happened
Gregory J. Champion, a director of Arrow Financial Corp. (AROW), was granted 818 shares of restricted stock on January 28, 2026. The grant price is $32.43 per share, for a total value of $26,528. This was an award/acquisition of restricted stock (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date and price: 818 shares granted on 2026-01-28 at $32.43/share (total $26,528).
• Vesting: The restricted stock vests in three equal installments on Jan 28, 2027; Jan 28, 2028; and Jan 28, 2029 (Footnote F1).
• Additional holdings disclosed: The filing furnishes 84 shares acquired under the company’s DRIP since Oct 8, 2025 (Footnote F2). The Form 4 supplies these to disclose total holdings as of the report date.
• Filing timeliness: The Form 4 was filed on Feb 4, 2026 for a Jan 28, 2026 transaction — after the typical 2-business-day reporting window (the filing appears to be late).

Context
Restricted stock awards are common director compensation and vest over time; they represent a future economic interest rather than an immediate open-market purchase. Such awards are routine compensation and should not be taken alone as a directional signal about future stock performance.