Ivanov Penko Krassimir 4

What Happened

• Krassimir Ivanov, Senior EVP, Treasurer and Chief Financial Officer of Arrow Financial Corp (AROW), was granted 4,558 restricted shares on January 28, 2026. The grant price reported is $32.43 per share, for a total reported value of $147,816. This transaction is recorded as an award/grant (Form 4 code A), i.e., a compensation-related acquisition rather than an open-market purchase.

Key Details

• Transaction date: 2026-01-28; Price: $32.43 per share; Shares acquired: 4,558; Total value: $147,816.
• Vesting: The restricted shares vest 25% per year on Jan 28 of 2027, 2028, 2029 and 2030 (Footnote F1).
• Additional holdings disclosed: Form notes 7 shares acquired via the company DRIP and 96 shares from ESPP purchases since Nov 4, 2025; these were furnished to disclose total holdings (Footnote F2). The filing does not list a consolidated post-transaction total share count in the items shown here.
• Filing timeliness: The Form 4 was filed on 2026-02-02 for a 2026-01-28 transaction — outside the standard two-business-day window for Form 4 filings (i.e., appears late by a few days).

Context

• This was a restricted stock grant as part of compensation, which typically vests over time (see vesting schedule above) and is different from an immediate open-market purchase. Compensation grants indicate company-directed awards rather than an insider buying shares on the market; they should be viewed as part of pay/retention arrangements rather than a direct signal of personal market sentiment.