Arrow Financial (AROW) director reports 818-share restricted stock grant

Rhea-AI Filing Summary

Arrow Financial Corp. director Daniel James White reported an award of 818 shares of common stock on January 28, 2026 at a price of $32.43 per share. The restricted stock vests in three equal installments on January 28 of 2027, 2028, and 2029.

Following this grant, White beneficially owns 7,722 shares of Arrow Financial common stock in direct ownership, including 14 shares acquired through the Company’s dividend reinvestment plan since November 10, 2025.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider White Daniel James

Role Director

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

Holdings After Transaction: Common Stock — 7,722 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 14 shares acquired under the Company's DRIP since November 10, 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^*

White Daniel James

(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		818(1)	A	$32.43	7,722(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 14 shares acquired under the Company's DRIP since November 10, 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 Corp (AROW) report?

Arrow Financial Corp reported that director Daniel James White received 818 shares of common stock on January 28, 2026. The filing shows this as an acquisition of restricted stock, increasing his directly owned holdings to a total of 7,722 common shares.

How many Arrow Financial (AROW) shares did the director acquire and at what price?

Director Daniel James White acquired 818 shares of Arrow Financial common stock at a price of $32.43 per share. This restricted stock award is reported as an acquisition and forms part of his overall beneficial ownership disclosed in the filing.

What is the vesting schedule for the Arrow Financial (AROW) restricted stock?

The restricted stock vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029. This means the 818-share award will become fully vested over three years according to the specific dates outlined in the filing.

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

After the reported transaction, director Daniel James White beneficially owns 7,722 shares of Arrow Financial common stock. This total includes shares received in the current restricted stock award and 14 shares acquired under the Company’s DRIP since November 10, 2025.

What additional Arrow Financial (AROW) shares are disclosed from the Company’s DRIP?

The filing notes that 14 shares were acquired under the Company’s dividend reinvestment plan (DRIP) since November 10, 2025. These DRIP shares were not previously required to be reported on Form 4 but are included to show the director’s total holdings.