Arrow Financial (AROW) director reports stock retainer and updated holdings

Rhea-AI Filing Summary

Arrow Financial Corp director Kristine D. Duffy reported routine equity compensation and updated her share holdings. On the Form 4, a code J transaction shows 236 shares of Common Stock on March 18, 2026 at $31.76 per share, described in the footnotes as a quarterly director’s retainer payment.

Following this transaction, she directly holds 6,202 Common shares. The filing also notes 10 and 9 additional shares acquired through the company’s dividend reinvestment plan since January 28, 2026, included to show current totals. Another 1,030 shares are held indirectly by her spouse, and she expressly disclaims beneficial ownership of those securities.

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

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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^*

Duffy Kristine D

(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)
03/18/2026

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	03/18/2026		J(1)		236	A	$31.76	6,202(2)	D
Common Stock								1,030(3)	I(4)	Held by spouse

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 10 shares acquired under the Company's DRIP since January 28, 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.

3. The information provided reflects 9 shares acquired under the Company's DRIP since January 28, 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.

4. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Remarks:

	Penko Ivanov, Attorney in Fact	03/20/2026
	** 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)

FAQ

What insider transaction did Arrow Financial (AROW) director Kristine D. Duffy report?

Kristine D. Duffy reported a routine equity transaction tied to her director compensation. A code J entry shows 236 Arrow Financial Common shares associated with a quarterly director’s retainer payment at $31.76 per share on March 18, 2026, rather than an open-market trade.

How many Arrow Financial (AROW) shares does Kristine D. Duffy directly hold after this Form 4?

After the reported activity, Kristine D. Duffy directly holds 6,202 Arrow Financial Common shares. The filing states this total includes small additional amounts, such as 10 and 9 shares acquired through the company’s dividend reinvestment plan since January 28, 2026.

What does the code J transaction mean in Kristine D. Duffy’s Arrow Financial (AROW) Form 4?

The code J entry is described as an “Other” transaction related to compensation. Footnotes explain it represents a quarterly director’s retainer payment in stock, not a typical open-market purchase or sale, and is categorized as other acquisition or disposition activity.

How many Arrow Financial (AROW) shares are reported as indirectly owned by Kristine D. Duffy?

The Form 4 lists 1,030 Arrow Financial Common shares as indirectly held by her spouse. A footnote states that Duffy disclaims beneficial ownership of these securities and that the report should not be viewed as an admission of beneficial ownership for any purpose.

What is the role of Arrow Financial’s dividend reinvestment plan (DRIP) in this Form 4?

The Form 4 notes small share additions through Arrow Financial’s DRIP. Footnotes disclose 10 and 9 shares acquired under the dividend reinvestment plan since January 28, 2026, which were not previously reportable but are now included to show Duffy’s current total holdings.

Does Kristine D. Duffy’s Form 4 for Arrow Financial (AROW) indicate any large insider trades?

The Form 4 reflects a modest, routine stock retainer and updated holdings. It reports 236 shares tied to a quarterly director’s retainer payment plus small DRIP additions, with no substantial open-market buying or selling activity described in the provided filing details.