Arrow Financial (AROW) EVP granted 2,406 restricted shares vesting through 2030

Rhea-AI Filing Summary

Arrow Financial Corp executive Brooke M. Pancoe reported a stock award of 2,406 shares of common stock on January 28, 2026 at $32.43 per share. The restricted stock vests in four equal 25% installments each January 28 from 2027 through 2030.

After this award, Pancoe directly holds 7,145 common shares. An additional 25 common shares are held indirectly by a spouse, and Pancoe disclaims beneficial ownership of those indirectly held shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Pancoe Brooke M

Role EVP, Chief HR Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,406	$32.43	$78K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 7,145 shares (Direct); Common Stock — 25 shares (Indirect, Held by spounse)

Footnotes (1)

1. The restricted stock vests 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030. The information provided reflects an increase of 1,775 shares related to the 2024 ESOP allocation. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Form 4 Insider Transactions: What Each Field Means →

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^*

Pancoe Brooke M

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NY 12801

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief HR Officer

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		2,406(1)	A	$32.43	7,145(2)	D
Common Stock								25(3)	I	Held by spounse

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 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030.

2. The information provided reflects an increase of 1,775 shares related to the 2024 ESOP allocation.

3. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Remarks:

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

FAQ

What insider transaction did Arrow Financial (AROW) report for Brooke Pancoe?

Arrow Financial executive Brooke M. Pancoe reported a grant of 2,406 shares of common stock on January 28, 2026 at $32.43 per share. This was an acquisition of restricted stock, not an open-market purchase or sale, and increases her reported direct holdings.

How do Brooke Pancoe’s restricted Arrow Financial (AROW) shares vest?

The 2,406 restricted shares granted to Brooke Pancoe vest 25% per year on January 28, 2027, 2028, 2029, and 2030. This four-year vesting schedule means the award becomes fully owned over time, aligning continued employment with equity ownership.

How many Arrow Financial (AROW) shares does Brooke Pancoe hold after this Form 4?

Following the reported transaction, Brooke Pancoe directly holds 7,145 shares of Arrow Financial common stock. The filing separately notes 25 common shares held indirectly by a spouse, for which she expressly disclaims beneficial ownership for all purposes.

What does the Form 4 say about Arrow Financial (AROW) shares held by Brooke Pancoe’s spouse?

The filing shows 25 Arrow Financial common shares held indirectly by Brooke Pancoe’s spouse. A footnote states the reporting person disclaims beneficial ownership of these securities, and the report should not be considered an admission of beneficial ownership for any purpose.

What role does Brooke Pancoe hold at Arrow Financial (AROW)?

Brooke M. Pancoe is listed as an officer of Arrow Financial Corp with the title EVP, Chief HR Officer. The Form 4 indicates the filing is for one reporting person in this executive role, reflecting equity compensation and related beneficial ownership details.

What is the ESOP-related share change mentioned in the Arrow Financial (AROW) Form 4?

A footnote explains that the information reflects an increase of 1,775 shares related to the 2024 ESOP allocation. This note clarifies that part of the reported holdings change comes from an employee stock ownership plan adjustment, in addition to the restricted stock award.