Arrow Financial director granted 818 restricted shares

Arrow Financial Corp director Philip C. Morris received a grant of restricted common stock.

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris received a grant of restricted common stock. On January 28, 2026, he acquired 818 shares at $32.43 per share, increasing his directly held stake to 7,160 shares. The restricted stock will vest in three equal installments on January 28 of 2027, 2028, and 2029.

Insider Trade Summary

Grant/Award: 818 shares

Grant/Award 1 txn

Insider Morris Philip C

Role Director

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

Holdings After Transaction: Common Stock — 7,160 shares (Direct)

Footnotes (1)

1. F1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.

FAQ

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What insider transaction did Arrow Financial Corp (AROW) report on this Form 4?

The filing reports Arrow Financial Corp director Philip C. Morris acquired 818 shares of common stock as restricted stock. The transaction occurred on January 28, 2026, and increased his directly held position to 7,160 shares after the grant.

At what price were the Arrow Financial Corp (AROW) shares acquired by the director?

The director’s restricted shares were valued at $32.43 per share. This per-share price is used to report the value of the 818-share grant of Arrow Financial Corp common stock recorded in the Form 4 transaction on January 28, 2026.

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

After the reported transaction, director Philip C. Morris beneficially owns 7,160 shares of Arrow Financial Corp common stock. The figure reflects his directly held position following the grant of 818 restricted shares on January 28, 2026.

Is the Arrow Financial Corp (AROW) stock grant to the director restricted stock?

Yes, the 818-share grant is restricted stock. According to the footnote, these shares vest in three equal installments, giving the director rights to portions of the award over time rather than immediately.

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

The restricted stock vests in three equal installments. The vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, gradually delivering full ownership of the 818 shares to the director.

Is the Arrow Financial Corp (AROW) director’s ownership direct or indirect after this Form 4?

The Form 4 indicates the director’s ownership as direct (D). After receiving the 818 restricted shares, his total directly held beneficial ownership stands at 7,160 shares of Arrow Financial Corp common stock.

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Accepted by SEC EDGAR 02/04/2026 - 08:52 AM Learn about SEC filing dates

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^*

Morris Philip C

(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	7,160	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.
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