Arrow Financial director awarded 818 restricted shares

Arrow Financial Corp director David G. Kruczlnicki received a grant of 818 shares of common stock on January 28, 2026 at $32.43 per share.

Rhea-AI Filing Summary

Arrow Financial Corp director David G. Kruczlnicki received a grant of 818 shares of common stock on January 28, 2026 at $32.43 per share. After this award, he directly beneficially owned 60,134 shares. The footnote states this restricted stock vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029.

Insider Trade Summary

Grant/Award: 818 shares

Grant/Award 1 txn

Insider KRUCZLNICKI DAVID G

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	818	$32.43	$27K

Holdings After Transaction: Common Stock — 60,134 shares (Direct)

Footnotes (1)

1. F1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Arrow Financial (AROW) report for David G. Kruczlnicki?

Arrow Financial reported that director David G. Kruczlnicki received 818 shares of common stock on January 28, 2026. The shares were acquired at $32.43 each, increasing his directly held beneficial ownership to 60,134 shares after the transaction, according to the Form 4 filing.

At what price were the new Arrow Financial (AROW) shares granted to the director?

The 818 Arrow Financial common shares granted to director David G. Kruczlnicki were valued at $32.43 per share. This price reflects the per-share value used in the reported acquisition and is disclosed directly in the Form 4 transaction details for January 28, 2026.

How many Arrow Financial (AROW) shares does the director own after this Form 4 transaction?

After receiving the 818-share grant, director David G. Kruczlnicki beneficially owns 60,134 Arrow Financial common shares. The filing classifies this ownership as direct, meaning the shares are held in his own name rather than through an intermediary entity or indirect structure.

How does the restricted stock granted to the Arrow Financial (AROW) director vest?

The restricted stock granted to director David G. Kruczlnicki vests in three equal installments. According to the footnote, vesting occurs on January 28, 2027, January 28, 2028, and January 28, 2029, spreading the award evenly across those three future vesting dates.

What type of security is involved in this Arrow Financial (AROW) Form 4 filing?

The transaction involves Arrow Financial common stock, reported as a non-derivative security. The Form 4 shows an acquisition coded as “A” for 818 shares, with a vesting schedule indicating the award is structured as restricted stock subject to time-based vesting conditions.

Is the ownership reported in this Arrow Financial (AROW) Form 4 direct or indirect?

The Form 4 lists David G. Kruczlnicki’s 60,134 Arrow Financial common shares as directly owned. The ownership form column specifies “D” for direct, and no footnote indicates that the shares are held through a trust, partnership, or other indirect holding vehicle.

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Accepted by SEC EDGAR 02/04/2026 - 08:53 AM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 NY 12019

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

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

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

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

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	01/28/2026		A		818(1)	A	$32.43	60,134	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. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.

Remarks:

	Penko Ivanov, Attorney in Fact	02/03/2026
	** 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.