Arrow Financial (AROW) director awarded 818 restricted stock shares

Rhea-AI Filing Summary

Arrow Financial Corp director Tenee R. Casaccio received an award of 818 shares of common stock on January 28, 2026 at $32.43 per share. These restricted shares vest in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029.

After this grant and including 231 shares previously acquired through the company’s dividend reinvestment plan, Casaccio beneficially owns 27,591 Arrow Financial shares directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Casaccio Tenee R

Role Director

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

Holdings After Transaction: Common Stock — 27,591 shares (Direct)

Footnotes (1)

1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029. The information provided reflects 231 shares acquired under the Company's DRIP since October 08, 2025 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.

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^*

Casaccio Tenee R

(Last) (First) (Middle)

PO BOX 406

(Street)

BOLTON LANDING NY 12814

(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	27,591(2)	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.

2. The information provided reflects 231 shares acquired under the Company's DRIP since October 08, 2025 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.

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 Tenee R. Casaccio?

Arrow Financial reported that director Tenee R. Casaccio received 818 shares of common stock on January 28, 2026. The award is in the form of restricted stock, increasing her direct beneficial ownership to 27,591 shares after including shares acquired through the dividend reinvestment plan.

At what price was the restricted stock granted to the Arrow Financial (AROW) director?

The 818 restricted shares granted to director Tenee R. Casaccio were valued at $32.43 per share. This price is used to report the transaction on the Form 4 and reflects the grant date value of the common stock award on January 28, 2026.

How does the restricted stock for Arrow Financial (AROW) vest for Tenee R. Casaccio?

The restricted stock vests in three equal installments over three years. One-third vests on January 28, 2027, another third on January 28, 2028, and the final third on January 28, 2029, aligning the director’s compensation with longer-term company performance.

How many Arrow Financial (AROW) shares does Tenee R. Casaccio now beneficially own?

After the reported grant, Tenee R. Casaccio beneficially owns 27,591 shares of Arrow Financial common stock directly. This total includes 231 shares that were acquired through the company’s dividend reinvestment plan since October 8, 2025 and were not previously reportable on Form 4.

What role does the Arrow Financial (AROW) reporting person hold with the company?

The reporting person on this Form 4, Tenee R. Casaccio, is identified as a director of Arrow Financial Corp. She is not reported as a 10% owner or officer, and the filing is made for her as a single reporting person under Section 16 rules.

What is the significance of the DRIP shares mentioned in the Arrow Financial (AROW) Form 4?

The filing notes that 231 shares were acquired under Arrow Financial’s dividend reinvestment plan since October 8, 2025. These small, periodic acquisitions were not previously reportable on Form 4 and are now disclosed to show Casaccio’s total current share holdings accurately.