Arrow Financial Corp (AROW) CFO gets 4,558-share restricted stock grant

Rhea-AI Filing Summary

Arrow Financial Corp executive Penko Ivanov, SEVP, Treasurer and CFO, reported receiving 4,558 shares of restricted common stock on January 28, 2026 at $32.43 per share. The restricted stock vests in four equal 25% installments on January 28 of 2027, 2028, 2029, and 2030.

After this award and prior plan purchases, Ivanov beneficially owns 31,045 common shares, including 7 shares acquired through the company’s DRIP and 96 shares purchased via the ESPP since November 4, 2025.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ivanov Penko Krassimir

Role SEVP, Treasurer and CFO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,558	$32.43	$148K

Holdings After Transaction: Common Stock — 31,045 shares (Direct)

Footnotes (1)

1. The restricted stock vests 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030. The information provided reflects 7 shares acquired under the Company's DRIP and 96 shares acquired via ESPP purchases since November 04, 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^*

Ivanov Penko Krassimir

(Last) (First) (Middle)

16 WHITBECK DRIVE

(Street)

QUEENSBURY NY 12804

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SEVP, Treasurer and CFO

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		4,558(1)	A	$32.43	31,045(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 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030.

2. The information provided reflects 7 shares acquired under the Company's DRIP and 96 shares acquired via ESPP purchases since November 04, 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	02/02/2026
	** 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 Corp (AROW) report for Penko Ivanov?

Arrow Financial Corp reported that SEVP, Treasurer and CFO Penko Ivanov received 4,558 shares of restricted common stock on January 28, 2026 at $32.43 per share. This grant increased his total beneficial holdings to 31,045 shares.

How do the new restricted shares for Arrow Financial’s CFO vest over time?

The 4,558 restricted shares granted to Arrow Financial’s CFO vest 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030. This structure ties full ownership to continued service over four years.

What is the total Arrow Financial (AROW) shareholding now reported for Penko Ivanov?

Following the January 28, 2026 restricted stock grant, Penko Ivanov beneficially owns 31,045 Arrow Financial common shares. This figure includes 7 shares from the company’s DRIP and 96 shares acquired through ESPP purchases since November 4, 2025.

What role does Penko Ivanov hold at Arrow Financial Corp (AROW)?

Penko Ivanov serves as Senior Executive Vice President (SEVP), Treasurer and Chief Financial Officer of Arrow Financial Corp. His Form 4 filing reflects equity compensation and his updated beneficial ownership position in the company’s common stock.

Were DRIP and ESPP purchases included in the Arrow Financial Form 4 totals?

Yes. The reported 31,045 shares beneficially owned by Penko Ivanov include 7 shares acquired under Arrow Financial’s DRIP and 96 shares purchased via the ESPP since November 4, 2025, which previously did not require separate Form 4 reporting.