Arrow Financial (AROW) director receives 266-share quarterly stock retainer

Rhea-AI Filing Summary

ARROW FINANCIAL CORP director David G. Kruczlnicki reported a small stock-based retainer. On the reported date, he had an “other” transaction in 266 shares of Common Stock at $31.76 per share, described in the footnote as a quarterly director’s retainer payment. Following this compensation-related issuance, he directly holds 60,400 shares.

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

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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^*

KRUCZLNICKI DAVID G

(Last) (First) (Middle)

6 SIENNA DRIVE

(Street)

BALLSTON LAKE NEW YORK 12019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/18/2026		J(1)		266	A	$31.76	60,400	D

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. Quarterly Director's Retainer Payment

Remarks:

	Penko Ivanov, Attorney in Fact	03/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Arrow Financial (AROW) director David G. Kruczlnicki report on this Form 4?

Director David G. Kruczlnicki reported an “other” transaction involving 266 shares of Arrow Financial Common Stock. A footnote explains this represents a quarterly director’s retainer payment, meaning it is stock-based compensation rather than an open-market trade.

How many Arrow Financial (AROW) shares were involved in the director’s retainer payment?

The filing shows 266 shares of Arrow Financial Common Stock were involved in the transaction. The shares are tied to a quarterly director’s retainer payment, indicating routine equity compensation rather than a discretionary purchase or sale in the open market.

What price per share is reported for the Arrow Financial (AROW) director retainer stock?

The Form 4 reports a price of $31.76 per share for the 266 shares. This labeled price helps quantify the value of the quarterly director’s retainer payment that was delivered in Arrow Financial Common Stock instead of solely in cash.

How many Arrow Financial (AROW) shares does the director hold after this transaction?

After the retainer-related transaction, the director directly holds 60,400 shares of Arrow Financial Common Stock. This figure, disclosed in the filing, shows his overall equity position following the grant of 266 additional shares as quarterly director compensation.

Is the Arrow Financial (AROW) Form 4 transaction an open-market buy or sell?

The transaction is coded as “J” for other, not a buy or sell. A footnote describes it as a quarterly director’s retainer payment, indicating stock-based compensation and not an open-market trade initiated to buy or sell Arrow Financial shares.