Arrow Financial (AROW) director updates holdings with 246-share stock retainer

Rhea-AI Filing Summary

ARROW FINANCIAL CORP director Mark Behan reported a routine equity compensation transaction involving 246 shares of Common Stock as a quarterly director's retainer payment. The shares are reported at a reference price of $31.76 per share, and there was no open-market buy or sell.

Following this transaction, Behan directly holds 13,039 shares of Arrow Financial common stock, which includes 84 shares acquired through the company's dividend reinvestment plan since January 28, 2026. The filing is primarily an administrative update of his total holdings.

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 NEW YORK 12866

(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)		246	A	$31.76	13,039(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 84 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.

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 Mark Behan report?

Mark Behan reported a routine equity compensation event involving 246 shares of Arrow Financial common stock as a quarterly director’s retainer payment. This is a non-market transaction, not an open-market purchase or sale, and updates his disclosed share ownership.

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

After the reported transaction, Mark Behan directly holds 13,039 shares of Arrow Financial common stock. This total includes 84 shares acquired through the company’s dividend reinvestment plan since January 28, 2026, which were not previously required to be reported.

Was Mark Behan’s Arrow Financial (AROW) Form 4 a buy or sell of shares?

The Form 4 does not report a traditional buy or sell. It records an “other” type transaction: 246 shares received as a quarterly director’s retainer payment, plus prior dividend reinvestment plan acquisitions, making this an administrative update rather than an open-market trade.

What price per share is referenced in Mark Behan’s Arrow Financial (AROW) Form 4?

The filing references a price of $31.76 per share for the 246 Arrow Financial common shares tied to the quarterly director’s retainer payment. This price is a reporting figure associated with the compensation transaction, not necessarily an executed market trade price.

How many Arrow Financial (AROW) shares were added from the DRIP in Behan’s holdings?

The Form 4 notes that 84 shares were acquired under Arrow Financial’s dividend reinvestment plan since January 28, 2026. These DRIP acquisitions were not previously reportable on Form 4 and are now included to show Behan’s total current holdings.