---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-23-000135"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2023-07-21T23:59:59+00:00"
generated_at: "2026-06-13T05:14:21.129075+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Arrow Financial raises CEO DeMarco's salary to $575k, CFO Ivanov to $390k in amended employment

## Summary
- CEO David DeMarco amended employment: base salary $575,000, target cash bonus 50%, term through Jan 31, 2026.
- CFO Penko Ivanov appointed Senior Executive Vice President; base salary increased to $390,000 in new agreement.
- DeMarco's agreement effective May 13, 2023, replaces prior deal; board to review 3-year renewal each February anniversary.
- Ivanov continues as Treasurer and CFO; amended agreement dated July 18, 2023.

## SEC filing metadata
- accession: 0000717538-23-000135
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2023-07-21T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/717538/000071753823000135/0000717538-23-000135-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753823000135/arow-20230718.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-23-000135
- JSON: https://secwatch.observer/filing/0000717538-23-000135.json
- Plain text: https://secwatch.observer/filing/0000717538-23-000135.txt

## Key facts
- Executive change
  Penko K. Ivanov was appointed as Senior Executive Vice President at ARROW FINANCIAL CORP.
  - Action: appointed
  - Role: Senior Executive Vice President
  source text: The Company has appointed Penko K. Ivanov as Senior Executive Vice President of the Company and the Bank.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000135/0000717538-23-000135-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.