Arrow Financial director receives 228 shares as pay

The director's directly held position was 60,847 shares after the retainer-related acquisition.

Rhea-AI Filing Summary

ARROW FINANCIAL CORP director David G. Kruczlnicki acquired 228 shares of Common Stock on September 23, 2026, at $36.97 per share as a quarterly director’s retainer payment. His directly held position following the transaction was 60,847 shares. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Other: 228 shares

Other 1 txn

Insider KRUCZLNICKI DAVID G

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	228	$36.97	$8K

Holdings After Transaction: Common Stock — 60,847 shares (Direct)

Footnotes (1)

1. F1. Quarterly Director's Retainer Payment

Key Figures

Shares acquired: 228 shares Price per share: $36.97 per share Direct shares following transaction: 60,847 shares

3 metrics

Shares acquired 228 shares September 23, 2026; quarterly director’s retainer payment

Price per share $36.97 per share Acquisition on September 23, 2026

Direct shares following transaction 60,847 shares Following the September 23, 2026 transaction

Key Terms

Quarterly Director's Retainer Payment, non-derivative, direct

3 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

non-derivative financial

"non-derivative transaction"

direct financial

"Direct ownership of Common Stock"

FAQ

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

How many AROW shares did director David G. Kruczlnicki acquire?

David G. Kruczlnicki acquired 228 shares on September 23, 2026, as a quarterly director’s retainer payment.

How many AROW shares did David G. Kruczlnicki hold after the acquisition?

His directly held position following the transaction was 60,847 shares.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/25/2026 - 02:52 PM Accepted by SEC EDGAR 09/25/2026 - 12:00 AM 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^*

KRUCZLNICKI DAVID G

(Last) (First) (Middle)

6 SIENNA DRIVE

(Street)

BALLSTON LAKE NEW YORK 12019

(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)
09/23/2026

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	09/23/2026		J(1)		228	A	$36.97	60,847	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

Remarks:

	Penko Ivanov, Attorney in Fact	09/24/2026
	** 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)