Arrow Financial (AROW) director awarded 818 restricted shares at $32.43

Rhea-AI Filing Summary

Arrow Financial Corp reported that director James M. Dawsey received an award of 818 shares of common stock on January 28, 2026 at $32.43 per share. The grant is in the form of restricted stock that vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029. Following this grant and including 169 shares acquired under the company’s dividend reinvestment plan since October 8, 2025, Dawsey beneficially owns 19,461 shares of Arrow Financial common stock, held directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Dawsey James M

Role Director

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

Holdings After Transaction: Common Stock — 19,461 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 169 shares acquired under the Company's DRIP since October 08, 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^*

Dawsey James M

(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	19,461(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 169 shares acquired under the Company's DRIP since October 08, 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 did Arrow Financial (AROW) report in James M. Dawsey’s latest Form 4?

Arrow Financial reported that director James M. Dawsey received 818 shares of common stock as an acquisition coded “A” on January 28, 2026. These shares are restricted stock and increase his directly held beneficial ownership to 19,461 shares of Arrow Financial common stock.

How many Arrow Financial (AROW) shares did James M. Dawsey acquire and at what price?

James M. Dawsey acquired 818 shares of Arrow Financial common stock at a price of $32.43 per share on January 28, 2026. The transaction is reported as an acquisition of non-derivative securities, increasing his total directly held beneficial ownership.

How do James M. Dawsey’s restricted Arrow Financial (AROW) shares vest?

The 818 restricted shares granted to James M. Dawsey vest in three equal installments. Vesting occurs on January 28, 2027, January 28, 2028, and January 28, 2029, spreading the benefit of the award over three years as long-term equity compensation.

What is James M. Dawsey’s total Arrow Financial (AROW) share ownership after this Form 4?

After the reported transaction, James M. Dawsey beneficially owns 19,461 shares of Arrow Financial common stock directly. This total includes 169 shares acquired through the company’s dividend reinvestment plan since October 8, 2025, which were not previously required to be reported.

What role does James M. Dawsey hold at Arrow Financial (AROW) and what type of security is involved?

James M. Dawsey is reported as a director of Arrow Financial Corp. The transaction involves common stock as a non-derivative security, specifically a restricted stock grant of 818 shares that vests over three years according to the footnote disclosure.

What does the Form 4 footnote say about Arrow Financial (AROW) DRIP shares for James M. Dawsey?

The footnote explains that the total holdings include 169 shares acquired under Arrow Financial’s dividend reinvestment plan (DRIP) since October 8, 2025. These DRIP acquisitions were not previously required to be reported on Form 4 but are now reflected in his total holdings.