Arrow Financial director granted 818 shares

Arrow Financial Corp director Gregory J. Champion received a grant of 818 shares of common stock on January 28, 2026.

Rhea-AI Filing Summary

Arrow Financial Corp director Gregory J. Champion received a grant of 818 shares of common stock on January 28, 2026. The shares were awarded at a price of $32.43 per share and are structured as restricted stock.

The restricted stock vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029, tying the award to continued service over time. After this grant, Champion beneficially owns 10,943 shares directly, which includes 84 shares acquired through the company’s dividend reinvestment plan.

Insider Trade Summary

Grant/Award: 818 shares

Grant/Award 1 txn

Insider CHAMPION GREGORY J

Role Director

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

Holdings After Transaction: Common Stock — 10,943 shares (Direct)

Footnotes (2)

1. F1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.
2. F2. The information provided reflects 84 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.

FAQ

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

What insider transaction did Arrow Financial (AROW) report for Gregory J. Champion?

Arrow Financial reported that director Gregory J. Champion received 818 shares of restricted common stock on January 28, 2026 at $32.43 per share. This is a stock-based award rather than an open-market purchase or sale, increasing his directly held shares to 10,943.

How does the restricted stock awarded to the Arrow Financial (AROW) director vest?

The 818 restricted shares granted to director Gregory J. Champion vest in three equal installments. Vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, which encourages longer-term alignment with Arrow Financial’s performance and the director’s continued board service.

What is Gregory J. Champion’s total Arrow Financial (AROW) share ownership after this Form 4?

After the reported grant, Gregory J. Champion beneficially owns 10,943 shares of Arrow Financial common stock directly. This total includes 84 shares accumulated through the company’s dividend reinvestment plan since October 8, 2025, which were not previously required to be reported on Form 4.

Was the Arrow Financial (AROW) insider transaction a purchase, sale, or award?

The transaction was an award of restricted stock coded as an acquisition (A), not an open-market trade. Director Gregory J. Champion received 818 restricted shares at $32.43 per share, with future vesting dates, reflecting equity-based compensation rather than a discretionary buy or sell decision.

What is the significance of the DRIP shares mentioned in the Arrow Financial (AROW) Form 4?

The filing notes that 84 shares were acquired through Arrow Financial’s dividend reinvestment plan since October 8, 2025. These DRIP shares were not previously reportable on Form 4 and are now included to provide a complete picture of the director’s total current holdings.

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

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Accepted by SEC EDGAR 02/04/2026 - 08:54 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^*

CHAMPION GREGORY J

(Last) (First) (Middle)

30 KETTLES WAY

(Street)

QUEENSBURY NY 12804

(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	10,943(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. 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 84 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.

Remarks:

	Penko Ivanov, Attorney in Fact	02/03/2026
	** 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.