Arrow Financial (AROW) director updates stake with retainer share grant

Rhea-AI Filing Summary

Arrow Financial Corp director Tenee R. Casaccio reported an "other" stock transaction involving 354 shares of common stock at $31.76 per share, tied to a quarterly director's retainer payment. Following this event, Casaccio directly holds 28,162 shares of Arrow Financial common stock.

A footnote explains that this total includes 217 shares acquired under the company’s dividend reinvestment plan since January 28, 2026, which were not previously required to be reported. The filing mainly updates the director’s overall share holdings rather than recording a typical open-market purchase or sale.

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

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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^*

Casaccio Tenee R

(Last) (First) (Middle)

PO BOX 406

(Street)

BOLTON LANDING NEW YORK 12814

(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)		354	A	$31.76	28,162(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 217 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) director Tenee R. Casaccio report?

Director Tenee R. Casaccio reported an "other" stock transaction involving 354 shares of Arrow Financial common stock at $31.76 per share. The filing characterizes this as a quarterly director’s retainer payment rather than a standard open-market buy or sell.

How many Arrow Financial (AROW) shares does Tenee R. Casaccio hold after this Form 4?

After the reported transaction, Tenee R. Casaccio directly holds 28,162 shares of Arrow Financial common stock. This figure reflects her updated total ownership position as of the Form 4 reporting date, combining the retainer-related shares with prior holdings.

Was the Arrow Financial (AROW) Form 4 a routine compensation event?

Yes. A footnote indicates the transaction relates to a quarterly director’s retainer payment, suggesting routine board compensation paid in stock. This differs from discretionary open-market buying or selling and mainly updates the director’s reported share count.

How does Arrow Financial’s DRIP affect Tenee R. Casaccio’s reported holdings?

The filing notes that 217 shares were acquired under Arrow Financial’s dividend reinvestment plan since January 28, 2026. These DRIP shares were not previously reportable on Form 4, so the current filing updates and consolidates her total share holdings.

Does the Arrow Financial (AROW) Form 4 indicate a clear buy or sell signal?

No. The transaction is coded as J, described as "other acquisition or disposition" and linked to a director retainer. The report does not classify it as a standard open-market purchase or sale, making it more of an administrative ownership update.