Duffy Kristine D 4

What Happened
Kristine D. Duffy, a director of Arrow Financial Corp (AROW), was granted 818 restricted shares on January 28, 2026. The award price is reported at $32.43 per share, for a total grant value of $26,528. This transaction is reported as an acquisition via award (Form 4 code A).

Key Details

• Transaction date: January 28, 2026; grant price: $32.43/share; total value: $26,528.
• Award type: restricted stock grant that vests in three equal installments on Jan 28, 2027; Jan 28, 2028; and Jan 28, 2029 (Footnote F1).
• Filing date: February 4, 2026 — appears to be filed after the typical two-business-day Form 4 window for a Jan 28 transaction.
• Footnote F2: The filing discloses 9 additional shares acquired under the company DRIP since Oct 8, 2025 to reflect total holdings; the report does not list a full post-transaction share total.
• Footnote F3: The reporting person disclaims beneficial ownership of these securities (standard disclosure language).

Context
This was an equity award (not an open-market purchase or sale). Restricted stock grants like this are common compensation for directors and vest over time, so they are not immediately liquid. The late filing (if beyond the two-business-day deadline) is an administrative point to note but does not change the nature of the grant.