Arrow Financial (AROW) director exercises stock options and buys shares via DRIP

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris reported routine equity transactions involving company stock. He exercised director stock options to acquire 546 shares of common stock at $27.04 per share, leaving him with 8,108 shares reported following this transaction. He also completed an optional cash purchase of 27 shares at $36.69 per share under the company’s dividend reinvestment plan, categorized as an “other” transaction. These actions reflect compensation-related option exercise and reinvestment activity rather than open-market buying or selling.

Insights

Equity Compensation Analyst

Routine option exercise and DRIP purchase with modest scale.

Director Philip C. Morris exercised director stock options for 546 shares of Arrow Financial Corp common stock at an exercise price of $27.04, and also made an optional cash purchase of 27 shares through the company’s DRIP.

The option exercise is compensation-related and coded as an M transaction, while the DRIP purchase is coded J as an “other acquisition or disposition.” No open‑market buys or sales were reported, and the exercised options were fully used, with zero remaining under that grant.

Following the non‑derivative transactions, the filing shows 8,108 shares reported after the option exercise, indicating that the transactions are relatively small in size and look consistent with routine director equity management rather than a significant change in ownership stance.

Insider Trade Summary

546 shares exercised/converted

Mixed 3 txns

Insider Morris Philip C

Role null

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy)	546	$0.00	--
Other	Common Stock	27	$36.69	$990.63
Exercise	Common Stock	546	$27.04	$15K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 shares (Direct, null); Common Stock — 7,562 shares (Direct, null)

Footnotes (1)

1. The reported transaction represents an optional cash purchase of shares under the Company's DRIP. The options vested in four equal annual installments beginning January 27, 2022.

Key Figures

Option exercise shares: 546 shares Option exercise price: $27.04 per share DRIP purchase shares: 27 shares +2 more

5 metrics

Option exercise shares 546 shares Director stock option exercise of common stock on May 11, 2026

Option exercise price $27.04 per share Conversion or exercise price for 546 underlying common shares

DRIP purchase shares 27 shares Optional cash purchase under company DRIP on May 11, 2026

DRIP purchase price $36.69 per share Price per share for DRIP optional cash purchase

Shares after option exercise 8,108 shares Total common shares reported following the option exercise transaction

Key Terms

Director Stock Option (Right to Buy), DRIP, optional cash purchase, other acquisition or disposition, +1 more

5 terms

Director Stock Option (Right to Buy) financial

"Director Stock Option (Right to Buy)"

DRIP financial

"optional cash purchase of shares 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.

optional cash purchase financial

"represents an optional cash purchase of shares under the Company's DRIP"

other acquisition or disposition financial

"transaction_code_description": "Other acquisition or disposition""

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

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^*

Morris Philip C

(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)
05/11/2026

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	05/11/2026		J(1)		27	A	$36.69	7,562	D
Common Stock	05/11/2026		M		546	A	$27.04	8,108	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
Director Stock Option (Right to Buy)	$27.04	05/11/2026		M			546	(2)	01/27/2031	Common Stock	546	$0	0	D

Explanation of Responses:

1. The reported transaction represents an optional cash purchase of shares under the Company's DRIP.

2. The options vested in four equal annual installments beginning January 27, 2022.

Remarks:

	Penko Ivanov, Attorney in Fact	05/13/2026
	** 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 insider transactions did Arrow Financial Corp (AROW) director Philip C. Morris report?

Director Philip C. Morris exercised options to acquire 546 Arrow Financial common shares at $27.04 and made an optional cash DRIP purchase of 27 shares at $36.69. These are routine compensation and reinvestment transactions, not open‑market trades.

Did the Arrow Financial (AROW) Form 4 show any open-market stock sales or purchases?

The Form 4 shows no open‑market buys or sells. It reports an option exercise for 546 shares at $27.04 and an “other” transaction: an optional cash purchase of 27 shares through Arrow Financial’s dividend reinvestment plan (DRIP).

How many Arrow Financial (AROW) shares did Philip C. Morris hold after the reported transactions?

After the option exercise transaction, the filing reports that Philip C. Morris held 8,108 shares of Arrow Financial common stock. This figure provides context for the scale of the 546‑share option exercise and the 27‑share DRIP purchase disclosed.

What was the exercise price of the Arrow Financial (AROW) director stock options?

The director stock options exercised by Philip C. Morris had a conversion or exercise price of $27.04 per share for 546 underlying common shares. The options vested in four equal annual installments beginning on January 27, 2022, according to the filing footnote.

What does the J-coded transaction mean in the Arrow Financial (AROW) Form 4?

The J-coded transaction is described as an “other acquisition or disposition.” A footnote explains it represents an optional cash purchase of 27 Arrow Financial shares under the company’s dividend reinvestment plan (DRIP), rather than a standard open‑market trade.