
							Value of Initial Fixed
							$100 Investment Based
					Average	Average	On:
	Summary	Summary			Summary	Compensation		Peer
	Compensation	Compensation	Compensation	Compensation	Compensation	Actually	Arrow's	Group
	Table Total for	Table Total for	Actually Paid	Actually Paid	Table Total	Paid to	Total	Total	Net
	First	Second	to First	to Second	for Non-PEO	Non-PEO	Shareholder	Shareholder	Income	Absolute
Year¹ (a)	PEO² (b)	PEO² (c)	PEO³ (d)	PEO³ (e)	NEOs² (f)	NEOs³ (g)	Return⁴ (h)	Return⁵ (i)	(in millions)⁶ (j)	EPS⁷ (k)
2024	$8,229,294	n/a	$6,233,382	n/a	$2,895,533	$2,176,724	$133	$213	$ 392	$10.83
2023	$8,891,814	n/a	$8,801,499	n/a	$3,224,995	$3,983,576	$144	$181	$ 904	$17.06
2022	$7,478,225	$11,550,022	$8,049,694	$6,516,685	$2,734,955	$2,070,990	$123	$140	$1,427	$23.13
2021	n/a	$12,880,838	n/a	$24,843,768	$3,902,722	$6,736,978	$158	$157	$1,108	$15.60
2020	n/a	$11,703,943	n/a	$14,433,945	$3,705,149	$4,146,853	$115	$106	$584	$7.92

(1)	NEOs included in these columns reflect the following:


Year	PEOs	Non-PEO NEOs
2024	Sean J. Kerins (PEO 1)	Rajesh K. Agrawal, Eric C. Nowak, Gretchen K. Zech, Richard J. Marano, Kristin D. Russell
2023	Sean J. Kerins (PEO 1)	Rajesh K. Agrawal, Gretchen K. Zech, Kristin D. Russell, Carine L. Jean-Claude, Michael J. Long, Kirk D. Schell
2022	Sean J. Kerins (PEO 1) Michael J. Long (PEO 2)	Rajesh K. Agrawal, Kirk D. Schell, Gretchen K. Zech, Vincent P. Melvin, Richard A. Seidlitz, Christopher D. Stansbury
2021	Michael J. Long (PEO 2)	Sean J. Kerins, Christopher D. Stansbury, Gretchen K. Zech, Vincent P. Melvin
2020	Michael J. Long (PEO 2)	Sean J. Kerins, Christopher D. Stansbury, Gretchen K. Zech, Andrew D. King

(2)	Amounts reflect the “Summary Compensation Table” for our NEOs as disclosed for the applicable reporting year.

(3)

The following table shows the adjustment to the total compensation reported in the “Summary Compensation Table” for the applicable reporting year for our PEOs, as well as the average for our other NEOs, to determine “compensation actually paid,” as computed in accordance with the Rules. Because “compensation actually paid,” as calculated per the Rules, requires the inclusion of equity awards as compensation prior to vesting of the awards, the amounts reported below do not reflect the actual compensation earned by or paid to our NEOs during the applicable year, with a significant portion of the “compensation actually paid” subject to forfeiture if the underlying vesting conditions are not achieved.


	2024				2023				2022						2021				2020
			Non-PEO				Non-PEO						Non-PEO				Non-PEO				Non-PEO
	PEO 1		NEO Average		PEO 1		NEO Average		PEO 1		PEO 2		NEO Average		PEO 2		NEO Average		PEO 2		NEO Average
Total Compensation from the Summary Compensation Table	$	8,229,294	$	2,895,533	$	8,891,814	$	3,224,995	$	7,478,225	$	11,550,022	$	2,734,955	$	12,880,838	$	3,902,722	$	11,703,943	$	3,705,149
Adjustments for Pension
Adjustment Summary Compensation Table Pension ^(a)	$	(1,800,904)	$	(187,956)	$	(2,517,506)	$	(455,737)	$	(533,030)	$	—	$	—	$	—	$	(594,473)	$	(979,530)	$	(951,949)
Amount added for Current Year Service Cost^(b)	$	789,487	$	246,134	$	762,082	$	269,720	$	—	$	(14,085)	$	273,214	$	(13,682)	$	544,659	$	(12,599)	$	528,740
Amount added for Prior Year Service Cost Impacting Current Year ^(b)	$	—	$	—	$	—	$	—	$	3,029,395	$	—	$	—	$	—	$	—	$	—	$	—
Total Adjustments for Pension	$	(1,011,417)	$	58,178	$	(1,755,424)	$	(186,017)	$	2,496,365	$	(14,085)	$	273,214	$	(13,682)	$	(49,814)	$	(992,129)	$	(423,209)
Adjustments for Equity Grants
Adjustment for grant date values in the Summary Compensation Table^(c)	$	(4,000,068)	$	(1,640,086)	$	(4,000,040)	$	(1,725,039)	$	(3,500,063)	$	(6,000,112)	$	(1,615,082)	$	(6,000,028)	$	(1,625,076)	$	(6,000,044)	$	(1,475,005)
Year-end fair value of unvested awards granted in the current year^(d)	$	3,931,599	$	1,360,833	$	3,932,171	$	1,511,458	$	2,930,470	$	4,913,326	$	1,492,162	$	7,563,832	$	2,048,625	$	7,369,405	$	1,957,883
Year-over-year difference of year-end fair values for unvested awards granted in prior years^(d)	$	(711,254)	$	(210,710)	$	1,305,688	$	824,037	$	(895,968)	$	(2,095,192)	$	(255,980)	$	10,018,282	$	2,368,526	$	4,051,168	$	776,509
Fair values at vest date for awards granted and vested in the current year ^(d)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years^(d)	$	(204,772)	$	(66,632)	$	427,290	$	451,940	$	(459,335)	$	(1,837,274)	$	(225,767)	$	394,526	$	91,995	$	(1,698,398)	$	(394,474)
Forfeitures during the current year equal to the prior year-end fair value^(d)	$	—	$	(220,392)	$	—	$	(117,798)	$	—	$	—	$	(332,512)	$	—	$	—	$	—	$	—
Dividends or dividend equivalents not otherwise included in total compensation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Adjustments for Equity Awards	$	(984,495)	$	(776,987)	$	1,665,109	$	944,598	$	(1,924,896)	$	(5,019,252)	$	(937,179)	$	11,976,612	$	2,884,070	$	3,722,131	$	864,913
Compensation Actually Paid	$	6,233,382	$	2,176,724	$	8,801,499	$	3,983,576	$	8,049,694	$	6,516,685	$	2,070,990	$	24,843,768	$	6,736,978	$	14,433,945	$	4,146,853

(a)

The amounts reflect the change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column in the “Summary Compensation Table” for the applicable year.

(b)

The amounts represent the sum of the actuarial present value of the benefits under all defined benefit and actuarial pension plans attributable to services rendered during the indicated fiscal year and any plan modifications during the applicable year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles. The compensation actually paid for Sean Kerins (PEO 1) in the table above for fiscal year 2023 has been updated to remove $2.7 million of prior service cost which was inadvertently included in the calculation. The update decreased the total compensation actually paid, as calculated in accordance with SEC executive compensation disclosure rules, from $11.5 million to $8.8 million for 2023.

(c)	The amounts reflect the aggregate grant-date fair value reported in the “Stock Awards” and “Option Awards” columns in the “Summary Compensation Table” for the applicable year.

(d)

In accordance with the Rules, the fair values of unvested and outstanding equity awards to our NEOs were remeasured starting on December 31, 2019, and subsequently as of each vesting date and as of the end of each fiscal year while the award remains unvested, during the years displayed in the table above. Fair values as of each measurement date were determined using valuation assumptions and methodologies (including volatility, dividend yield, risk-free interest rates, and probability of achievement of the underlying performance goals) that are generally consistent with those used to estimate fair value on the grant date under US GAAP.

For options, a Black-Scholes model was used to estimate the fair value as of the various measurement dates. We explain assumptions made in valuing equity awards on the grant date in the “Stock-Based Compensation Plans” section of the Notes to Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the corresponding fiscal year.

(4)	The amounts in this column show changes over our past five fiscal years in the value of $100 (assuming reinvestment of dividends) invested in Arrow’s common shares traded on the NYSE.

(5)

The amounts in this column show changes over the past five fiscal years in the value of $100 (assuming reinvestment of dividends), invested in Arrow’s peer group, consisting of Avnet, Inc., Celestica Inc., Flex Ltd., Jabil Inc., WESCO International, Inc., CDW Corp., HP Inc., HP Enterprise Co., and TD SYNNEX Corp.

(6)	The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements in its Annual Report on Form 10-K for the applicable year.

(7)

While we use numerous financial and non-financial performance measures to evaluate performance under our compensation programs, Absolute EPS is the financial performance measure that, in our assessment, represents the most important performance measure used to link “compensation actually paid” to NEOs to Company performance in 2024. Absolute EPS determines the payout with respect to 70% of our 2024 annual cash incentive. See Appendix to this Proxy Statement for a reconciliation of Absolute EPS to the most directly comparable GAAP measure.

Named Executive Officers, Footnote

(1)	NEOs included in these columns reflect the following:


Year	PEOs	Non-PEO NEOs
2024	Sean J. Kerins (PEO 1)	Rajesh K. Agrawal, Eric C. Nowak, Gretchen K. Zech, Richard J. Marano, Kristin D. Russell
2023	Sean J. Kerins (PEO 1)	Rajesh K. Agrawal, Gretchen K. Zech, Kristin D. Russell, Carine L. Jean-Claude, Michael J. Long, Kirk D. Schell
2022	Sean J. Kerins (PEO 1) Michael J. Long (PEO 2)	Rajesh K. Agrawal, Kirk D. Schell, Gretchen K. Zech, Vincent P. Melvin, Richard A. Seidlitz, Christopher D. Stansbury
2021	Michael J. Long (PEO 2)	Sean J. Kerins, Christopher D. Stansbury, Gretchen K. Zech, Vincent P. Melvin
2020	Michael J. Long (PEO 2)	Sean J. Kerins, Christopher D. Stansbury, Gretchen K. Zech, Andrew D. King

Adjustment To PEO Compensation, Footnote

(3)

The following table shows the adjustment to the total compensation reported in the “Summary Compensation Table” for the applicable reporting year for our PEOs, as well as the average for our other NEOs, to determine “compensation actually paid,” as computed in accordance with the Rules. Because “compensation actually paid,” as calculated per the Rules, requires the inclusion of equity awards as compensation prior to vesting of the awards, the amounts reported below do not reflect the actual compensation earned by or paid to our NEOs during the applicable year, with a significant portion of the “compensation actually paid” subject to forfeiture if the underlying vesting conditions are not achieved.


	2024				2023				2022						2021				2020
			Non-PEO				Non-PEO						Non-PEO				Non-PEO				Non-PEO
	PEO 1		NEO Average		PEO 1		NEO Average		PEO 1		PEO 2		NEO Average		PEO 2		NEO Average		PEO 2		NEO Average
Total Compensation from the Summary Compensation Table	$	8,229,294	$	2,895,533	$	8,891,814	$	3,224,995	$	7,478,225	$	11,550,022	$	2,734,955	$	12,880,838	$	3,902,722	$	11,703,943	$	3,705,149
Adjustments for Pension
Adjustment Summary Compensation Table Pension ^(a)	$	(1,800,904)	$	(187,956)	$	(2,517,506)	$	(455,737)	$	(533,030)	$	—	$	—	$	—	$	(594,473)	$	(979,530)	$	(951,949)
Amount added for Current Year Service Cost^(b)	$	789,487	$	246,134	$	762,082	$	269,720	$	—	$	(14,085)	$	273,214	$	(13,682)	$	544,659	$	(12,599)	$	528,740
Amount added for Prior Year Service Cost Impacting Current Year ^(b)	$	—	$	—	$	—	$	—	$	3,029,395	$	—	$	—	$	—	$	—	$	—	$	—
Total Adjustments for Pension	$	(1,011,417)	$	58,178	$	(1,755,424)	$	(186,017)	$	2,496,365	$	(14,085)	$	273,214	$	(13,682)	$	(49,814)	$	(992,129)	$	(423,209)
Adjustments for Equity Grants
Adjustment for grant date values in the Summary Compensation Table^(c)	$	(4,000,068)	$	(1,640,086)	$	(4,000,040)	$	(1,725,039)	$	(3,500,063)	$	(6,000,112)	$	(1,615,082)	$	(6,000,028)	$	(1,625,076)	$	(6,000,044)	$	(1,475,005)
Year-end fair value of unvested awards granted in the current year^(d)	$	3,931,599	$	1,360,833	$	3,932,171	$	1,511,458	$	2,930,470	$	4,913,326	$	1,492,162	$	7,563,832	$	2,048,625	$	7,369,405	$	1,957,883
Year-over-year difference of year-end fair values for unvested awards granted in prior years^(d)	$	(711,254)	$	(210,710)	$	1,305,688	$	824,037	$	(895,968)	$	(2,095,192)	$	(255,980)	$	10,018,282	$	2,368,526	$	4,051,168	$	776,509
Fair values at vest date for awards granted and vested in the current year ^(d)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years^(d)	$	(204,772)	$	(66,632)	$	427,290	$	451,940	$	(459,335)	$	(1,837,274)	$	(225,767)	$	394,526	$	91,995	$	(1,698,398)	$	(394,474)
Forfeitures during the current year equal to the prior year-end fair value^(d)	$	—	$	(220,392)	$	—	$	(117,798)	$	—	$	—	$	(332,512)	$	—	$	—	$	—	$	—
Dividends or dividend equivalents not otherwise included in total compensation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Adjustments for Equity Awards	$	(984,495)	$	(776,987)	$	1,665,109	$	944,598	$	(1,924,896)	$	(5,019,252)	$	(937,179)	$	11,976,612	$	2,884,070	$	3,722,131	$	864,913
Compensation Actually Paid	$	6,233,382	$	2,176,724	$	8,801,499	$	3,983,576	$	8,049,694	$	6,516,685	$	2,070,990	$	24,843,768	$	6,736,978	$	14,433,945	$	4,146,853

(a)

The amounts reflect the change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column in the “Summary Compensation Table” for the applicable year.

(b)

The amounts represent the sum of the actuarial present value of the benefits under all defined benefit and actuarial pension plans attributable to services rendered during the indicated fiscal year and any plan modifications during the applicable year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles. The compensation actually paid for Sean Kerins (PEO 1) in the table above for fiscal year 2023 has been updated to remove $2.7 million of prior service cost which was inadvertently included in the calculation. The update decreased the total compensation actually paid, as calculated in accordance with SEC executive compensation disclosure rules, from $11.5 million to $8.8 million for 2023.

(c)	The amounts reflect the aggregate grant-date fair value reported in the “Stock Awards” and “Option Awards” columns in the “Summary Compensation Table” for the applicable year.

(d)

In accordance with the Rules, the fair values of unvested and outstanding equity awards to our NEOs were remeasured starting on December 31, 2019, and subsequently as of each vesting date and as of the end of each fiscal year while the award remains unvested, during the years displayed in the table above. Fair values as of each measurement date were determined using valuation assumptions and methodologies (including volatility, dividend yield, risk-free interest rates, and probability of achievement of the underlying performance goals) that are generally consistent with those used to estimate fair value on the grant date under US GAAP.

For options, a Black-Scholes model was used to estimate the fair value as of the various measurement dates. We explain assumptions made in valuing equity awards on the grant date in the “Stock-Based Compensation Plans” section of the Notes to Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the corresponding fiscal year.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,176,724

3,983,576

2,070,990

6,736,978

4,146,853

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

As required by the Rules, the following is a list of the most important performance measures used to link “compensation actually paid” to Company performance. The role of each of these performance measures in our executive compensation programs is more thoroughly discussed in the “Executive Compensation” section in the CD&A along with a description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions.

Tabular List

Absolute EPS

Relative EPS Growth

ROIC

Peer Group Total Shareholder Return Amount

213

181

140

157

106

Company Selected Measure Amount | $ / shares

10.83

17.06

23.13

15.60

7.92

Annual cash incentive percentage to determine Absolute EPS

70.00%