O'Conor Raymond F 4

What Happened
Raymond F. O'Conor, a director of Arrow Financial Corp (AROW), was granted 818 shares as a restricted stock award on January 28, 2026. The award price recorded on the Form 4 is $32.43 per share, for a total value of approximately $26,528. This transaction is an acquisition via award (code A) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-28; Filing date (Form 4): 2026-02-04 (filed 7 days after the transaction; appears late relative to the 2-business-day filing requirement).
• Award: 818 restricted shares at $32.43 per share; total value ≈ $26,528.
• Shares owned after transaction: Not specified in the filing.
• Footnote: The restricted stock vests in three equal installments on Jan 28, 2027; Jan 28, 2028; and Jan 28, 2029 (see footnote F1).
• Transaction code: A (grant/award/acquisition).

Context
Restricted stock awards are a form of compensation and typically vest over time (as noted above); they are different from open-market purchases and don't by themselves indicate a direct market bet by the insider. The late filing may be a reporting compliance issue but does not change the nature of the award disclosed.