Wise Andrew J 4

What Happened

• Andrew J. Wise, SEVP and Chief Risk Officer of Arrow Financial Corporation (AROW), was granted 4,058 restricted shares on January 28, 2026. The grant price/value reported is $32.43 per share, for a total reported value of $131,601. This was an award of restricted stock (an acquisition/award), not an open-market purchase or sale.

Key Details

• Transaction date and terms: 4,058 shares awarded on 2026-01-28 at $32.43 per share (total $131,601).
• Vesting: The restricted stock vests 25% per year on Jan 28 of 2027, 2028, 2029 and 2030 (footnote F1).
• Additional holdings disclosed: filing notes 35 shares acquired via the company ESPP since Dec 10, 2025; this is included to disclose total holdings (footnote F2).
• Shares owned after transaction: Not specified in the provided summary; the filing supplements holdings with the 35 ESPP shares but does not state a full post-transaction total here.
• Filing date: Form 4 filed Feb 2, 2026. The provided data does not indicate the filing was late.

Context

• This was a restricted stock award as part of compensation, which vests over four years — a typical retention incentive rather than an immediate market purchase or sale. Such awards are routine for executives and reflect compensation policy rather than a direct market sentiment signal. The small ESPP purchases noted are separate employee purchases and only add a modest number of shares to the insider's disclosed holdings.