Arrow Financial director receives 389 shares as pay

Reported direct holdings were 21,137 shares, including 152 shares acquired through the company’s DRIP since June 17, 2026.

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) director James M. Dawsey acquired 389 shares of common stock on September 23, 2026, as a quarterly director’s retainer payment, at $36.97 per share. His reported direct holdings after the transaction were 21,137 shares. That total includes 152 shares acquired under the company’s DRIP since June 17, 2026, which were not required to be reported on Form 4.

Insider Trade Summary

Other: 389 shares

Other 1 txn

Insider Dawsey James M

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1, F2	389	$36.97	$14K

Holdings After Transaction: Common Stock — 21,137 shares (Direct)

Footnotes (2)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 152 shares acquired under the Company's DRIP since June 17, 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 acquired: 389 shares Price per share: $36.97 per share Direct holdings after transaction: 21,137 shares +1 more

4 metrics

Shares acquired 389 shares Quarterly director’s retainer payment on September 23, 2026

Price per share $36.97 per share Reported transaction on September 23, 2026

Direct holdings after transaction 21,137 shares Reported holdings include 152 shares acquired under the company’s DRIP

DRIP shares 152 shares Acquired since June 17, 2026; not required to be reported on Form 4

Key Terms

DRIP, retainer payment

2 terms

DRIP financial

"shares acquired under the Company's DRIP"

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.

retainer payment financial

"Quarterly Director's Retainer Payment"

FAQ

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

How many shares did AROW director James M. Dawsey acquire?

James M. Dawsey acquired 389 shares on September 23, 2026, as a quarterly director’s retainer payment, at $36.97 per share.

Was James M. Dawsey’s AROW transaction made under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for James M. Dawsey’s transaction.

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

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Available on EDGAR 09/25/2026 - 02:58 PM Accepted by SEC EDGAR 09/25/2026 - 02:52 PM 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^*

Dawsey James M

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NEW YORK 12801

(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)
09/23/2026

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	09/23/2026		J(1)		389	A	$36.97	21,137(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 152 shares acquired under the Company's DRIP since June 17, 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	09/24/2026
	** 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)