Arrow Financial (AROW) director receives 818 restricted shares

Rhea-AI Filing Summary

Arrow Financial Corp director Kristine D. Duffy reported a stock award of 818 shares of common stock on January 28, 2026 at $32.43 per share. After this award, she directly holds 5,956 common shares. The award consists of restricted stock that vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029, spreading the benefit over three years.

The filing also notes 1,021 additional common shares held indirectly by her spouse. Duffy disclaims beneficial ownership of these indirectly held shares, meaning the filing does not treat her as the beneficial owner of those securities for any purpose.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Duffy Kristine D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	818	$32.43	$27K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 5,956 shares (Direct); Common Stock — 1,021 shares (Indirect, Held by spouse)

Footnotes (1)

1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029. The information provided reflects 9 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. 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Duffy Kristine D

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NY 12801

(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	5,956(2)	D
Common Stock								1,021(2)	I(3)	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. 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 9 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.

3. 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	02/04/2026
	** 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 (AROW) report for Kristine D. Duffy?

Arrow Financial director Kristine D. Duffy reported receiving 818 shares of common stock on January 28, 2026 at $32.43 per share. This award increased her directly held Arrow Financial common stock to 5,956 shares after the transaction.

How does Kristine D. Duffy’s restricted stock from Arrow Financial (AROW) vest?

The restricted stock granted to Kristine D. Duffy vests in three equal installments. The vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, gradually delivering full ownership of the 818-share award over three years.

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

After the reported transaction, Kristine D. Duffy directly holds 5,956 shares of Arrow Financial common stock. This figure includes the newly awarded 818 restricted shares and reflects the company’s dividend reinvestment plan adjustments noted in the filing.

What indirect Arrow Financial (AROW) holdings are associated with Kristine D. Duffy?

The Form 4 shows 1,021 Arrow Financial common shares held indirectly by Kristine D. Duffy’s spouse. The filing states that Duffy disclaims beneficial ownership of these securities, so she is not treated as their beneficial owner for any purpose.

What does the Arrow Financial (AROW) Form 4 say about DRIP shares for Kristine D. Duffy?

The filing notes that the totals include 9 shares acquired under Arrow Financial’s Dividend Reinvestment Plan (DRIP) since October 8, 2025. These DRIP purchases were not previously required to be reported but are included to show her complete current holdings.

What is Kristine D. Duffy’s relationship to Arrow Financial (AROW)?

Kristine D. Duffy is identified in the Form 4 as a director of Arrow Financial Corp. The filing does not list her as an officer or 10% owner, and it reports her stock award and holdings in that capacity as a board member.