---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-25-000010"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2025-02-10T23:59:59+00:00"
generated_at: "2026-05-27T00:38:59.478662+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000717538-25-000010
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2025-02-10T23:59:59+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/717538/000071753825000010/0000717538-25-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753825000010/arow-20250129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-25-000010
- JSON: https://secwatch.observer/filing/0000717538-25-000010.json
- Plain text: https://secwatch.observer/filing/0000717538-25-000010.txt

## Key facts
- Executive change
  Gary L. Dake departed as Director at ARROW FINANCIAL CORP.
  - Action: retire
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753825000010/0000717538-25-000010-index.htm

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