Arrow Financial director reports 406-share stock retainer

Arrow Financial Corp director Gregory J. Champion reported an equity compensation transaction.

Rhea-AI Filing Summary

Arrow Financial Corp director Gregory J. Champion reported an equity compensation transaction. On June 17, 2026, he reported an "other" transaction involving 406 shares of Common Stock at $38.49 per share, labeled as a quarterly director's retainer payment.

After this transaction, Champion directly held 12,000 shares of Arrow Financial common stock. A footnote explains that this total includes 79 shares acquired under the company's dividend reinvestment plan (DRIP) since March 18, 2026, which were not separately reportable but are reflected in his current holdings.

Insider Trade Summary

Other: 406 shares

Other 1 txn

Insider CHAMPION GREGORY J

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	406	$38.49	$16K

Holdings After Transaction: Common Stock — 12,000 shares (Direct)

Footnotes (2)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 79 shares acquired under the Company's DRIP since March 18, 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.

Key Figures

Shares in retainer payment: 406 shares Implied share value: $38.49 per share Total shares after transaction: 12,000 shares +2 more

5 metrics

Shares in retainer payment 406 shares Quarterly director's retainer payment on June 17, 2026

Implied share value $38.49 per share Value used for the 406-share retainer transaction

Total shares after transaction 12,000 shares Director’s direct holdings following June 17, 2026 transaction

Restructuring-designated shares 406 shares Classified as restructuring/other (code J) in summary

DRIP shares included 79 shares Acquired under company DRIP since March 18, 2026

Key Terms

Quarterly Director's Retainer Payment, DRIP, Form 4, other acquisition or disposition

4 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"79 shares acquired under the Company's DRIP since March 18, 2026"

A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.

Form 4 regulatory

"not required to be reported on a Form 4"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

other acquisition or disposition financial

"transaction code description "Other acquisition or disposition""

FAQ

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

What transaction did Arrow Financial (AROW) director Gregory J. Champion report?

Gregory J. Champion reported an "other" transaction involving 406 shares of Arrow Financial common stock as a quarterly director's retainer payment. The shares were valued at $38.49 each and represent stock-based compensation, not an open-market purchase or sale.

How many Arrow Financial (AROW) shares does Gregory J. Champion hold after this Form 4?

Following the reported transaction, Gregory J. Champion directly holds 12,000 shares of Arrow Financial common stock. This figure includes additional 79 shares acquired through the company’s dividend reinvestment plan (DRIP) since March 18, 2026, as noted in the filing footnotes.

What does the transaction code "J" mean in Gregory Champion’s Arrow Financial Form 4?

Transaction code "J" on the Form 4 indicates an "other acquisition or disposition" of securities, rather than a standard buy or sell. In this case, the filing identifies the 406-share transaction as a quarterly director's retainer payment in Arrow Financial common stock.

Was Gregory Champion’s Arrow Financial (AROW) Form 4 transaction a market buy or sell?

The Form 4 does not report a market buy or sell. Instead, it records an "other" transaction where 406 shares were received as a quarterly director's retainer payment, which is stock-based compensation rather than an open-market trade in Arrow Financial shares.

How are DRIP shares reflected in Gregory Champion’s Arrow Financial holdings?

The filing states that 79 shares were acquired under Arrow Financial’s dividend reinvestment plan (DRIP) since March 18, 2026. These DRIP shares were not individually reportable on prior Forms 4 but are included in the total 12,000 shares now disclosed as his current holdings.

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

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Accepted by SEC EDGAR 06/22/2026 - 05:03 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^*

CHAMPION GREGORY J

(Last) (First) (Middle)

30 KETTLES WAY

(Street)

QUEENSBURY NEW YORK 12804

(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)		406	A	$38.49	12,000(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 79 shares acquired under the Company's DRIP since March 18, 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	06/22/2026
	** 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)