Arrow Financial director receives stock retainer

Arrow Financial Corp director David G. Kruczlnicki received 219 shares of Common Stock as a quarterly director’s retainer payment at $38.49 per share.

Rhea-AI Filing Summary

Arrow Financial Corp director David G. Kruczlnicki received 219 shares of Common Stock as a quarterly director’s retainer payment at $38.49 per share. This compensation-related stock issuance is classified as an “Other acquisition or disposition.” Following the transaction, he directly owns 60,619 shares of Arrow Financial Corp.

Insider Trade Summary

Other: 219 shares

Other 1 txn

Insider KRUCZLNICKI DAVID G

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	219	$38.49	$8K

Holdings After Transaction: Common Stock — 60,619 shares (Direct)

Footnotes (1)

1. F1. Quarterly Director's Retainer Payment

Key Figures

Shares in retainer payment: 219 shares Retainer share value: $38.49 per share Shares owned after transaction: 60,619 shares

3 metrics

Shares in retainer payment 219 shares Quarterly Director's Retainer Payment

Retainer share value $38.49 per share Value used for 219-share retainer payment

Shares owned after transaction 60,619 shares Direct holdings after Form 4 transaction

Key Terms

Common Stock, Other acquisition or disposition, Quarterly Director's Retainer Payment

3 terms

Common Stock financial

"219 shares of Common Stock as a quarterly director’s retainer payment"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Other acquisition or disposition financial

"classified as an “Other acquisition or disposition.”"

Quarterly Director's Retainer Payment financial

"footnote ‘Quarterly Director's Retainer Payment’ indicates the 219-share transaction"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Arrow Financial (AROW) director David G. Kruczlnicki report?

Director David G. Kruczlnicki reported an “other” transaction involving 219 shares of Arrow Financial Common Stock. The shares were issued as a quarterly director’s retainer payment, rather than through an open-market purchase or sale, and are recorded as direct ownership.

How many Arrow Financial (AROW) shares does David G. Kruczlnicki hold after this Form 4?

After the reported transaction, David G. Kruczlnicki directly owns 60,619 shares of Arrow Financial Common Stock. This total includes the 219 shares received as a quarterly director’s retainer payment, as disclosed in the Form 4 filing’s post-transaction ownership figure.

What was the value per share for the Arrow Financial (AROW) director retainer stock payment?

The quarterly director’s retainer payment to David G. Kruczlnicki was valued at $38.49 per share for 219 shares. This price represents the per-share value used to record the compensation-related stock issuance in the Form 4 insider transaction report.

Is the Arrow Financial (AROW) Form 4 transaction a buy or sell of shares?

The Form 4 transaction is classified as an “Other acquisition or disposition,” not a traditional buy or sell. It reflects 219 shares of Common Stock issued as a quarterly director’s retainer payment, indicating compensation rather than an open-market trade in Arrow Financial shares.

What does the footnote ‘Quarterly Director's Retainer Payment’ mean for Arrow Financial (AROW)?

The footnote ‘Quarterly Director's Retainer Payment’ indicates the 219-share transaction is part of standard board compensation. Instead of cash, Arrow Financial paid a portion of the director’s quarterly retainer in Common Stock, as reflected in the Form 4 disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/22/2026 - 04:47 PM EDT 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^*

KRUCZLNICKI DAVID G

(Last) (First) (Middle)

6 SIENNA DRIVE

(Street)

BALLSTON LAKE NEW YORK 12019

(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)
06/17/2026

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	06/17/2026		J(1)		219	A	$38.49	60,619	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

Remarks:

	Penko Ivanov, Attorney in Fact	06/18/2026
	** 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)