Behan Mark 4

What Happened
Mark Behan, a director of Arrow Financial Corp (AROW), was granted 818 restricted shares on January 28, 2026. The award was recorded at $32.43 per share for a reported acquisition value of $26,528. This was a company grant/award (compensation), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-01-28; 818 shares at $32.43 each (total $26,528).
• Vesting: The restricted shares vest in three equal installments on Jan 28 of 2027, 2028, and 2029 (footnote).
• Additional holdings disclosed: The filing also reports 95 shares acquired under the company DRIP since Oct 8, 2025; these were previously not required to be reported and are furnished to disclose total holdings (footnote).
• Filing timing: Form filed 2026-02-04, seven days after the transaction date; Form 4s are typically required within two business days, so this appears to have been filed late (the filing does not state a timeliness code).

Context
Restricted-share awards are a form of compensation and generally reflect company pay or retention practices rather than immediate insider market buying. Because the shares vest over future dates, they are not all freely tradable now. The disclosed DRIP shares are small and were furnished to clarify holdings, not indicative of a separate transaction intent.