Pancoe Brooke M 4

What Happened
Brooke M. Pancoe, Executive Vice President and Chief Human Resources Officer of Arrow Financial Corp (AROW), was granted 2,406 restricted shares on January 28, 2026. The grant is reported at $32.43 per share, for a total reported value of $78,027. This was an award/grant (code A) — a compensation/retention award, not a sale.

Key Details

• Transaction date and price: 2026-01-28; 2,406 shares at $32.43 each (total $78,027).
• Filing date: 2026-02-02 (appears filed after the typical 2-business-day Form 4 window).
• Shares owned following the transaction: not specified in the filing.
• Vesting: 25% vests each year on Jan 28 of 2027, 2028, 2029 and 2030 (F1).
• Additional note: the reported amount reflects an increase of 1,775 shares related to a 2024 ESOP allocation (F2).
• Reporting person disclaimer: the filer disclaims beneficial ownership of these securities (F3).

Context
Restricted stock awards are compensation that vest over time and do not indicate an immediate market-directed purchase or sale. Because this is a time‑based award with multi-year vesting, its primary purpose is likely retention/compensation. The later-than-typical filing date may be worth noting for timeliness, but the grant itself is routine executive compensation.