Arrow Financial (AROW) director receives 69 restricted stock shares

Rhea-AI Filing Summary

Arrow Financial Corp director Darrin Jahnel received a small equity award in the form of restricted stock. On January 28, 2026, he acquired 69 shares of Arrow Financial common stock at $32.43 per share, held directly.

The 69 restricted shares vest in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029, aligning his compensation with the company’s long-term performance. Following this grant, Jahnel beneficially owns 69 common 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^*

Jahnel Darrin

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NY 12801

(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		69(1)	A	$32.43	69	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.

FAQ

What insider transaction did Arrow Financial (AROW) report for Darrin Jahnel?

Arrow Financial reported that director Darrin Jahnel acquired 69 shares of common stock as restricted stock on January 28, 2026, at $32.43 per share. These shares represent a small equity award and are held directly in his name.

How many Arrow Financial shares does director Darrin Jahnel own after this Form 4?

After the reported transaction, director Darrin Jahnel beneficially owns 69 shares of Arrow Financial common stock. All of these shares come from the January 28, 2026 restricted stock grant and are reported as directly owned on the Form 4.

How does the restricted stock granted to Arrow Financial director Darrin Jahnel vest?

The 69 restricted shares granted to director Darrin Jahnel vest in three equal installments. Vesting occurs on January 28, 2027, January 28, 2028, and January 28, 2029, linking full ownership of the award to a three-year service and retention period.

What was the reported price per share for Darrin Jahnel’s Arrow Financial stock award?

The Form 4 lists a price of $32.43 per share for the 69 Arrow Financial common shares acquired by director Darrin Jahnel on January 28, 2026. This value is used in the filing to describe the terms of the restricted stock grant.

Is Darrin Jahnel considered an officer or major shareholder of Arrow Financial in this filing?

In this filing, Darrin Jahnel is reported as a director of Arrow Financial Corp, not an officer or 10% owner. The Form 4 indicates the relationship box for director is checked, while officer and 10% owner designations are not selected.