Arrow Financial director receives 203 shares as pay

The director disclaims beneficial ownership of a separate 1,046-share position held by her spouse.

Rhea-AI Filing Summary

Arrow Financial Corp director Kristine D. Duffy acquired 203 common shares on September 23, 2026, in a transaction described as a quarterly director’s retainer payment, at $36.97 per share. Her reported direct holdings after the transaction were 6,624 shares, including 13 shares acquired under the company’s DRIP since June 17, 2026. A separate indirect holding lists 1,046 shares held by her spouse; Duffy disclaims beneficial ownership of those shares. That holding disclosure reflects 8 shares acquired under the company’s DRIP since June 17, 2026. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Other: 203 shares

Other 2 txns

Insider Duffy Kristine D

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1, F2	203	$36.97	$8K
holding	Common Stock F3, F4	--	--	--

Holdings After Transaction: Common Stock — 6,624 shares (Direct); Common Stock — 1,046 shares (Indirect, Held by spouse)

Footnotes (4)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 13 shares acquired under the Company's DRIP since June 17, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.
3. F3. The information provided reflects 8 shares acquired under the Company's DRIP since June 17, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.
4. F4. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Key Figures

Retainer shares acquired: 203 shares Price per share: $36.97 per share Direct holdings: 6,624 shares +3 more

6 metrics

Retainer shares acquired 203 shares Quarterly director’s retainer payment on September 23, 2026

Price per share $36.97 per share Transaction on September 23, 2026

Direct holdings 6,624 shares Reported after the transaction; includes 13 DRIP shares acquired since June 17, 2026

Spouse-held shares 1,046 shares Reported as an indirect holding; Duffy disclaims beneficial ownership

DRIP shares 13 shares Acquired since June 17, 2026, reflected in direct holdings

DRIP shares 8 shares Acquired since June 17, 2026, reflected in the spouse-held share disclosure

Key Terms

Quarterly Director's Retainer Payment, DRIP, beneficial ownership

3 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"shares acquired under the Company's DRIP"

A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.

beneficial ownership regulatory

"disclaims beneficial ownership of these securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

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

How many shares did AROW director Kristine D. Duffy receive as a retainer?

Kristine D. Duffy acquired 203 common shares on September 23, 2026, as a quarterly director’s retainer payment, at $36.97 per share. No Rule 10b5-1 plan is reported.

What other AROW shares were reported alongside the director’s position?

A separate indirect holding lists 1,046 common shares held by Duffy’s spouse, and Duffy disclaims beneficial ownership of those securities. The holding disclosure reflects 8 shares acquired under the company’s DRIP since June 17, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/25/2026 - 02:58 PM Accepted by SEC EDGAR 09/25/2026 - 02:51 PM 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^*

Duffy Kristine D

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NEW YORK 12801

(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)
09/23/2026

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	09/23/2026		J(1)		203	A	$36.97	6,624(2)	D
Common Stock								1,046(3)	I(4)	Held by spouse

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

2. The information provided reflects 13 shares acquired under the Company's DRIP since June 17, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

3. The information provided reflects 8 shares acquired under the Company's DRIP since June 17, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

4. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Remarks:

	Penko Ivanov, Attorney in Fact	09/24/2026
	** 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)