Arrow Financial (AROW) director logs 453-share stock retainer, now holds 20,072

Rhea-AI Filing Summary

Arrow Financial Corp director James M. Dawsey reported an "other" stock transaction tied to board compensation. On this Form 4, he recorded 453 shares of common stock at $31.76 per share as a quarterly director retainer payment. After this and prior dividend reinvestment plan activity, his directly held stake stands at 20,072 shares.

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^*

Dawsey James M

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NEW YORK 12801

(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)		453	A	$31.76	20,072(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 158 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 did Arrow Financial (AROW) director James M. Dawsey report on this Form 4?

James M. Dawsey reported an "other" transaction involving 453 shares of Arrow Financial common stock at $31.76 per share. The filing describes this as a quarterly director retainer payment, reflecting routine stock-based board compensation rather than an open-market trade.

Was the Arrow Financial (AROW) Form 4 transaction a stock purchase or sale?

The Form 4 uses transaction code J, classified as an "other acquisition or disposition" rather than a straightforward buy or sell. Footnotes explain it represents a quarterly director retainer paid in stock, making it routine compensation rather than an open-market trade.

How many Arrow Financial (AROW) shares does James M. Dawsey hold after this Form 4?

Following the reported director retainer transaction, James M. Dawsey directly holds 20,072 shares of Arrow Financial common stock. This total includes 158 shares acquired through the company’s dividend reinvestment plan since January 28, 2026, which were not individually reportable earlier.

What price per share is associated with the Arrow Financial (AROW) director retainer stock?

The 453 shares tied to the quarterly director retainer are reported at $31.76 per share. This value is used in the Form 4 to describe the compensation-related stock issuance, not as an open-market transaction price set by the director himself.

What does the dividend reinvestment plan (DRIP) disclosure mean in the Arrow Financial (AROW) Form 4?

The Form 4 notes that 158 shares were acquired under Arrow Financial’s dividend reinvestment plan since January 28, 2026. These DRIP purchases did not require separate Form 4 filings and are disclosed here so that Dawsey’s total direct holdings are accurately reflected as of this report.