Arrow Financial CEO gets new 3-year agreement; director Dake to retire after 23 years

ARROW FINANCIAL CORP

Director Gary L. Dake to retire at 2025 Annual Meeting after 23 years on the board.
CEO David S. DeMarco new employment agreement effective Feb 1, 2025: base salary $718,850, cash incentive target 50% of base, 3-year term with annual auto-renewal.
New two-year agreements for CFO Ivanov ($422,300 base) and three other executives (Kaiser, Wise, Yrsha; $375,950 each) with 40% incentive targets.
All agreements include standard change of control, non-compete, and confidentiality provisions; replace prior 2024 versions.

item 5.02 item 9.01

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Departed

Gary L. Dake

Director

AROW · ARROW FINANCIAL CORP

Filed: February 10, 2025, 6:59 PM ET

On January 29, 2025, Gary L. Dake notified the Board of Directors of Arrow Financial Corporation (the "Company") that he will retire from the Board after serving out the rest of his term which ends at the 2025 Annual Meeting.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Gary L. Dake departed as Director at ARROW FINANCIAL CORP.

Action: retire
Role: Director

Exact text from the filing

On January 29, 2025, Gary L. Dake notified the Board of Directors of Arrow Financial Corporation (the "Company") that he will retire from the Board after serving out the rest of his term which ends at the 2025 Annual Meeting.

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ARROW FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0000717538-25-000010

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