Arrow Financial (AROW) EVP, CIO receives 2,406-share restricted stock award

Rhea-AI Filing Summary

Arrow Financial Corp executive Michael Joseph Jacobs reported a stock award under a Form 4. On January 28, 2026, he acquired 2,406 shares of Arrow Financial common stock at $32.43 per share as an "A" (award) transaction. The shares are restricted stock that vest 25% annually on January 28 of 2027, 2028, 2029, and 2030.

After this grant, Jacobs beneficially owns 12,571 common shares held directly, including 2,744 shares related to the 2024 ESOP allocation reflected since January 29, 2025. He serves as Executive Vice President and Chief Information Officer of Arrow Financial Corp.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Jacobs Michael Joseph

Role EVP, Chief Information Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,406	$32.43	$78K

Holdings After Transaction: Common Stock — 12,571 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 2,744 shares related to the 2024 ESOP allocation since January 29, 2025. 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^*

Jacobs Michael Joseph

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Information Officer

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		2,406(1)	A	$32.43	12,571(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 2,744 shares related to the 2024 ESOP allocation since January 29, 2025. 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	02/02/2026
	** 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 AROW executive Michael Joseph Jacobs report?

Michael Joseph Jacobs reported receiving 2,406 Arrow Financial common shares as an award on January 28, 2026. The Form 4 shows these as restricted stock, granted at $32.43 per share, increasing his directly held beneficial ownership to a total of 12,571 shares.

How many Arrow Financial (AROW) shares does Michael Jacobs now beneficially own?

After the reported award, Michael Jacobs beneficially owns 12,571 Arrow Financial common shares directly. This total includes 2,406 newly awarded restricted shares and 2,744 shares tied to the 2024 ESOP allocation that have been reflected in his holdings since January 29, 2025.

What are the vesting terms of Michael Jacobs restricted stock in AROW?

The 2,406 restricted Arrow Financial shares granted to Michael Jacobs vest in four equal installments. They vest 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030, aligning the award with a multi-year service and retention period.

At what price was Michael Jacobs Arrow Financial stock award recorded?

The 2,406 Arrow Financial common shares awarded to Michael Jacobs were recorded at $32.43 per share. This price is shown in the Form 4 as the transaction price for the restricted stock award executed on January 28, 2026, increasing his overall beneficial ownership position.

What role does Michael Joseph Jacobs hold at Arrow Financial Corp (AROW)?

Michael Joseph Jacobs serves as Executive Vice President and Chief Information Officer at Arrow Financial Corp. His Form 4 filing reflects equity compensation in the form of restricted common stock, which aligns his interests with shareholders through time-based vesting over several future years.

How are ESOP shares reflected in Michael Jacobs AROW holdings?

The Form 4 notes that Jacobs total 12,571 Arrow Financial shares include 2,744 ESOP-related shares. These shares relate to the 2024 ESOP allocation and have been reflected in his holdings since January 29, 2025, helping clarify his complete beneficial ownership position.