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Arrow Financial (AROW) CEO receives 34,982-share restricted stock grant

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Arrow Financial Corp President & CEO David S. DeMarco reported receiving two restricted stock grants totaling 34,982 shares of common stock on January 28, 2026 at $32.43 per share.

One 11,084-share grant vests 25% each year on January 28, 2027, 2028, 2029, and 2030. A second 23,898-share grant vests 33% each year on January 28, 2027, 2028, and 2029. After these awards, he beneficially owns 91,189 shares directly and 3,035 shares indirectly through a 401(k) plan.

Positive

  • None.

Negative

  • None.
Insider DeMarco David S.
Role President & CEO
Type Security Shares Price Value
Grant/Award Common Stock 11,084 $32.43 $359K
Grant/Award Common Stock 23,898 $32.43 $775K
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 67,291 shares (Direct); Common Stock — 3,035 shares (Indirect, By 401(k))
Footnotes (1)
  1. The restricted stock vests 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030. The restricted stock vests 33% per year on January 28, 2027, January 28, 2028, and January 28, 2029. The information provided reflects 36 shares acquired via ESPP purchases since December 24, 2025. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
DeMarco David S.
(Last) (First) (Middle)
7 INGERSOL ROAD
(Street)
SARATOGA SPRINGS NY 12866
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
President & CEO
3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/28/2026 A 11,084(1) A $32.43 67,291 D
Common Stock 01/28/2026 A 23,898(2) A $32.43 91,189(3) D
Common Stock 3,035 I By 401(k)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The restricted stock vests 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030.
2. The restricted stock vests 33% per year on January 28, 2027, January 28, 2028, and January 28, 2029.
3. The information provided reflects 36 shares acquired via ESPP purchases since December 24, 2025. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.
Remarks:
Penko Ivanov, Attorney in Fact 02/02/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What does Arrow Financial (AROW) CEO David DeMarco’s latest Form 4 report?

The Form 4 reports that Arrow Financial President & CEO David S. DeMarco received two restricted stock grants totaling 34,982 common shares. These awards were granted on January 28, 2026 at $32.43 per share and are scheduled to vest over three to four years.

How many Arrow Financial (AROW) shares were granted to the CEO and at what price?

David S. DeMarco was granted 11,084 and 23,898 shares of Arrow Financial common stock, totaling 34,982 shares. Both restricted stock awards were reported at a price of $32.43 per share on January 28, 2026, according to the Form 4 filing.

What are the vesting schedules for David DeMarco’s Arrow Financial restricted stock?

One restricted stock grant of 11,084 shares vests 25% annually on January 28, 2027, 2028, 2029, and 2030. The second grant of 23,898 shares vests 33% annually on January 28, 2027, 2028, and 2029, creating staggered multi-year vesting incentives.

How many Arrow Financial (AROW) shares does the CEO own after these grants?

Following the reported restricted stock grants, David S. DeMarco beneficially owns 91,189 Arrow Financial common shares directly. He also has an additional 3,035 shares held indirectly through a 401(k) plan, as disclosed in the Form 4 filing.

Does the Form 4 mention Arrow Financial CEO holdings via an employee stock plan?

Yes. The filing notes that 3,035 Arrow Financial common shares are held indirectly for David S. DeMarco through a 401(k) plan. It also explains that 36 shares were acquired via employee stock purchase plan purchases since December 24, 2025, reflected in his total holdings.

What time period do the Arrow Financial CEO’s ESPP share purchases in the Form 4 cover?

The Form 4 states that 36 shares were acquired through employee stock purchase plan transactions since December 24, 2025. This information is included to show David S. DeMarco’s total Arrow Financial holdings as of the Form 4 reporting date.