Arrow Financial director gifts 6,040 shares

Arrow Financial Corp director Colin L. Read reported a series of bona fide gifts of Common Stock in May.

Rhea-AI Filing Summary

Arrow Financial Corp director Colin L. Read reported a series of bona fide gifts of Common Stock in May. Entities associated with him, including an account held by his wife, gifted a total of 6,040 shares at no consideration. Following these transactions, Read continues to hold 33,396 shares directly.

Insider Trade Summary

6,040 shares gifted

Gift 8 txns

Insider Read Colin L

Role Director

Type	Security	Shares	Price	Value
Gift	Common Stock	119	$0.00	$0.00
Gift	Common Stock	119	$0.00	$0.00
Gift	Common Stock	500	$0.00	$0.00
Gift	Common Stock	500	$0.00	$0.00
Gift	Common Stock	525	$0.00	$0.00
Gift	Common Stock	525	$0.00	$0.00
Gift	Common Stock	1,876	$0.00	$0.00
Gift	Common Stock	1,876	$0.00	$0.00

Holdings After Transaction: Common Stock — 33,396 shares (Direct); Common Stock — 0 shares (Indirect, Held By Wife)

Footnotes (1)

1. F1. 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.

Key Figures

Total shares gifted: 6,040 shares Direct holdings after gifts: 33,396 shares Gift transaction count: 8 transactions +2 more

5 metrics

Total shares gifted 6,040 shares Bona fide gifts of Common Stock in May 2026

Direct holdings after gifts 33,396 shares Common Stock held directly by Colin L. Read after last transaction

Gift transaction count 8 transactions All coded G as bona fide gifts of Common Stock

Gift price per share $0.00 per share Non-cash transfers, no sale proceeds received

Largest single gift 1,876 shares Gifted on 2026-05-11 in both direct and indirect accounts

Key Terms

bona fide gift, beneficial ownership, indirect ownership

3 terms

bona fide gift financial

"Each transaction is coded G with the description “Bona fide gift”."

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

beneficial ownership financial

"The reporting person disclaims beneficial ownership of these securities."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

indirect ownership financial

"Some shares are reported as indirect with nature of ownership “Held By Wife”."

FAQ

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

What did Arrow Financial (AROW) director Colin L. Read report on this Form 4?

Colin L. Read reported several bona fide gifts of Arrow Financial Common Stock. These non-cash transfers were recorded over multiple May 2026 dates and did not involve any open-market purchases or sales.

How many Arrow Financial (AROW) shares were gifted in this filing?

The Form 4 shows bona fide gifts totaling 6,040 shares of Arrow Financial Common Stock. These were reported across eight gift transactions, all coded as G, indicating non-cash, charitable or personal transfers.

Does Colin L. Read still own Arrow Financial (AROW) shares after these gifts?

Yes. After the reported gifts, Colin L. Read holds 33,396 shares of Arrow Financial Common Stock directly. Indirect holdings previously attributed to his wife fell to zero, while his direct ownership remains substantial.

Were any of the Arrow Financial (AROW) transactions open-market sales or purchases?

No. All reported transactions are coded G as bona fide gifts with a price of $0.00 per share. The filing shows no open-market purchases or sales, only non-cash transfers of Common Stock.

How are the Arrow Financial (AROW) shares held by Colin L. Read’s wife treated?

Some gifted shares were held indirectly through an account described as “Held By Wife.” A footnote states Colin L. Read disclaims beneficial ownership of these securities, meaning they are attributed to his spouse for ownership purposes.

What is the overall direction of insider activity in this Arrow Financial (AROW) Form 4?

The activity reflects dispositions via gifts rather than market trades. The transaction summary shows eight gift transactions totaling 6,040 shares and no reported buys, sells, option exercises, or tax-withholding events.

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

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Accepted by SEC EDGAR 05/27/2026 - 04:09 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^*

Read Colin L

(Last) (First) (Middle)

81 BLAIR ROAD

(Street)

PLATTSBURGH NEW YORK 12901

(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)
05/11/2026

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	05/11/2026		G		1,876	A	$0	32,252	D
Common Stock	05/18/2026		G		525	A	$0	32,777	D
Common Stock	05/20/2026		G		500	A	$0	33,277	D
Common Stock	05/26/2026		G		119	A	$0	33,396	D
Common Stock	05/11/2026		G		1,876	D	$0	1,144	I(1)	Held By Wife
Common Stock	05/18/2026		G		525	D	$0	619	I(1)	Held By Wife
Common Stock	05/20/2026		G		500	D	$0	119	I(1)	Held By Wife
Common Stock	05/26/2026		G		119	D	$0	0	I(1)	Held By Wife

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 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	05/27/2026
	** 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)