DeMarco David S. 4

What Happened
David S. DeMarco, President & CEO of Arrow Financial Corp (AROW), was granted restricted stock on January 28, 2026. The filing shows two awards: 11,084 shares at $32.43 each (value $359,454) and 23,898 shares at $32.43 each (value $775,012), for a combined 34,982 shares valued at approximately $1,134,466. These are reported as acquisitions (code A — award/grant). The filing also notes 36 shares acquired via the company ESPP since Dec 24, 2025 to disclose total holdings.

Key Details

• Transaction date: 2026-01-28; Filing date: 2026-02-02 (filing appears late vs. the typical Form 4 deadline — reported as late/L).
• Price used for reporting: $32.43 per share.
• Grants: 11,084 shares ($359,454) and 23,898 shares ($775,012); total 34,982 shares (~$1,134,466).
• Vesting (from filing footnotes): one grant vests 25% per year on Jan 28 of 2027–2030 (4-year vest); the other vests 33% per year on Jan 28 of 2027–2029 (3-year vest).
• ESPP disclosure: 36 shares acquired since Dec 24, 2025 were furnished to show total holdings.
• Shares owned after transaction: not specified in the information provided here.

Context

• These are restricted stock awards (not open-market purchases or sales); vesting schedules mean the shares are subject to time-based restrictions and are not fully transferable immediately.
• Awards are generally compensation and align executives with long-term shareholder value; they are not the same as the executive buying shares on the open market.
• The late filing could delay public visibility of the transaction; it does not change the substance of the grant.