Arrow Financial (AROW) director receives 492-share stock retainer

Rhea-AI Filing Summary

Arrow Financial Corp director Gregory J. Champion reported an "other" stock transaction tied to his quarterly director retainer. He received 492 shares of common stock at $31.76 per share as compensation, bringing his directly held stake to 11,515 shares. This total includes 80 shares acquired through the company’s dividend reinvestment plan since January 28, 2026, which were not previously reportable on Form 4. The filing reflects routine, compensation-related share issuance rather than an open-market buy or sell.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider CHAMPION GREGORY J

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	492	$31.76	$16K

Holdings After Transaction: Common Stock — 11,515 shares (Direct)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 80 shares acquired under the Company's DRIP since January 28, 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.

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^*

CHAMPION GREGORY J

(Last) (First) (Middle)

30 KETTLES WAY

(Street)

QUEENSBURY NEW YORK 12804

(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)
03/18/2026

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	03/18/2026		J(1)		492	A	$31.76	11,515(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. Quarterly Director's Retainer Payment

2. The information provided reflects 80 shares acquired under the Company's DRIP since January 28, 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.

Remarks:

	Penko Ivanov, Attorney in Fact	03/20/2026
	** 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)

FAQ

What insider transaction did Arrow Financial (AROW) disclose for Gregory J. Champion?

Arrow Financial disclosed that director Gregory J. Champion received 492 shares of common stock as a quarterly director’s retainer. The shares were recorded at $31.76 each as a non-market, compensation-related transaction classified as an "other" acquisition or disposition.

How many Arrow Financial (AROW) shares does Gregory J. Champion now hold?

After the reported transaction, Gregory J. Champion directly holds 11,515 Arrow Financial common shares. This total includes 492 shares received as a quarterly director retainer and 80 shares acquired through the company’s dividend reinvestment plan since January 28, 2026.

Was the Arrow Financial (AROW) Form 4 a market buy or sell?

The Form 4 does not report an open-market buy or sell. It records an "other" type transaction, reflecting 492 shares of common stock received by director Gregory J. Champion as a quarterly retainer, rather than a discretionary purchase or sale in the market.

What price was used for the Arrow Financial (AROW) director stock retainer?

The 492 Arrow Financial common shares granted to director Gregory J. Champion for his quarterly retainer were recorded at $31.76 per share. This value is disclosed in the Form 4 as the transaction price per share for the compensation-related stock issuance.

How does the Arrow Financial (AROW) Form 4 treat DRIP shares for the director?

The filing notes that 80 shares were acquired under Arrow Financial’s dividend reinvestment plan since January 28, 2026. These were not previously reportable on Form 4 and are disclosed now to show the director’s total holdings as of this filing date.