Arrow Financial (AROW) director gets 818 restricted shares grant

Rhea-AI Filing Summary

Arrow Financial Corp director reports restricted stock grant. Director Raymond F. O'Conor acquired 818 shares of Arrow Financial common stock on January 28, 2026 at $32.43 per share as a stock award. After this grant, he beneficially owns 30,519 common shares directly.

The 818 restricted shares vest in three equal installments on January 28 of 2027, 2028, and 2029, meaning the director earns full rights to the shares gradually over three years.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider O'Conor Raymond F

Role Director

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

Holdings After Transaction: Common Stock — 30,519 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

O'Conor Raymond F

(Last) (First) (Middle)

7 ROLLING GREEN DRIVE

(Street)

WILTON NY 12831

(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	30,519	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 on this Form 4?

Arrow Financial director Raymond F. O'Conor reported receiving 818 shares of common stock as a stock award on January 28, 2026 at $32.43 per share. Following this grant, he directly beneficially owns 30,519 Arrow Financial common shares, according to the filing.

Who is the insider involved in the latest Arrow Financial (AROW) Form 4 filing?

The insider is Raymond F. O'Conor, a director of Arrow Financial Corp. He reported an acquisition of 818 restricted shares of common stock, bringing his directly held beneficial ownership to 30,519 shares after the January 28, 2026 transaction disclosed in the Form 4.

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

After the reported transaction, director Raymond F. O'Conor beneficially owns 30,519 shares of Arrow Financial common stock directly. This total includes the 818 restricted shares granted on January 28, 2026, as reflected in the Form 4 ownership table for non-derivative securities.

What was the price for the Arrow Financial (AROW) restricted stock grant?

The 818 restricted shares of Arrow Financial common stock were reported at a price of $32.43 per share. This price appears in the Form 4 transaction table for the January 28, 2026 award categorized under transaction code “A” for an acquisition of non-derivative securities.

How do the Arrow Financial (AROW) restricted shares vest for the director?

The 818 restricted shares vest in three equal installments over three years. According to the footnote, one-third vests on January 28, 2027, another third on January 28, 2028, and the final third on January 28, 2029, subject to the award’s standard conditions.

Are there any derivative securities reported in this Arrow Financial (AROW) Form 4?

No derivative securities are reported in this Form 4. The filing’s Table II, which covers options, warrants, or other derivatives, contains no transactions, while Table I shows only the 818-share restricted common stock award to director Raymond F. O'Conor on January 28, 2026.