Arrow Financial director gets 211 shares as pay

The director reported 11,112 direct shares after the transaction, including shares acquired through the Company’s DRIP.

Rhea-AI Filing Summary

ARROW FINANCIAL CORP (AROW) director Mark Behan acquired 211 shares of common stock on September 23, 2026, at $36.97 per share as a quarterly director’s retainer payment. His reported direct holdings afterward were 11,112 shares. The reported holdings also reflect 50 shares acquired under the Company’s DRIP since August 17, 2026, which were not required to be reported on Form 4.

Insider Trade Summary

Other: 211 shares

Other 1 txn

Insider Behan Mark

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1, F2	211	$36.97	$8K

Holdings After Transaction: Common Stock — 11,112 shares (Direct)

Footnotes (2)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 50 shares acquired under the Company's DRIP since August 17, 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.

Key Figures

Shares acquired: 211 shares Price per share: $36.97 per share Direct holdings after transaction: 11,112 shares +1 more

4 metrics

Shares acquired 211 shares Common stock acquired September 23, 2026

Price per share $36.97 per share September 23, 2026 transaction

Direct holdings after transaction 11,112 shares Reported following the transaction

DRIP shares 50 shares Acquired since August 17, 2026

Key Terms

DRIP, Quarterly Director's Retainer Payment

2 terms

DRIP financial

"acquired under the Company’s DRIP"

A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

FAQ

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

How many shares did AROW director Mark Behan acquire?

Mark Behan acquired 211 shares of common stock on September 23, 2026, at $36.97 per share as a quarterly director’s retainer payment; his reported direct holdings afterward were 11,112 shares.

Why does AROW’s Form 4 mention 50 DRIP shares?

The reported holdings reflect 50 shares acquired under the Company’s DRIP since August 17, 2026. Those shares were not required to be reported on Form 4, and the information was furnished to disclose total holdings as of the Form 4 date.

Was Mark Behan’s AROW transaction under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for the transaction.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/25/2026 - 03:04 PM Accepted by SEC EDGAR 09/25/2026 - 02:58 PM 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^*

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)
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)		211	A	$36.97	11,112(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 50 shares acquired under the Company's DRIP since August 17, 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	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)