Director Mark Behan granted 818 Arrow Financial (AROW) restricted shares

Rhea-AI Filing Summary

Arrow Financial Corp director Mark Behan reported a grant of 818 shares of common stock on January 28, 2026. The shares are restricted stock that vest in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029 at a grant price of $32.43 per share.

After this award, Behan directly beneficially owns 12,709 shares, which include 95 shares acquired under the Company's DRIP since October 8, 2025. These DRIP acquisitions were not previously required to be reported on a Form 4.

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^*

Behan Mark

(Last) (First) (Middle)

18 INGERSOL ROAD

(Street)

SARATOGA SPRINGS NY 12866

(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	12,709(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 95 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 insider transaction did Arrow Financial Corp (AROW) disclose for Mark Behan?

Arrow Financial Corp reported that director Mark Behan received 818 shares of common stock as a restricted stock grant on January 28, 2026 at $32.43 per share. This award is reflected as an acquisition of non-derivative securities held directly by him.

How do Mark Behans restricted Arrow Financial (AROW) shares vest?

The 818 restricted shares granted to Mark Behan vest in three equal installments. The vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, meaning one-third of the award becomes unrestricted on each of those three annual dates.

How many Arrow Financial (AROW) shares does Mark Behan own after this Form 4?

Following the reported transaction, Mark Behan beneficially owns 12,709 shares of Arrow Financial common stock directly. This total includes the 818-share restricted stock grant and 95 shares acquired through the Companys DRIP since October 8, 2025.

What does the Form 4 say about Arrow Financial (AROW) DRIP shares for Mark Behan?

The filing explains that 95 shares were acquired under Arrow Financials DRIP since October 8, 2025. These DRIP acquisitions were not previously required to be reported on a Form 4 and are now included to show Behans total current holdings.

Is Mark Behan a director or officer of Arrow Financial Corp (AROW)?

According to the filing, Mark Behan is a director of Arrow Financial Corp and is not listed as an officer or 10% owner. The reported transaction reflects changes in his beneficial ownership as a board member holding common stock directly.