Arrow Financial (AROW) risk chief gets 4,058 restricted shares at $32.43

Rhea-AI Filing Summary

Arrow Financial Corp executive Andrew J. Wise received 4,058 shares of common stock on January 28, 2026 as an equity award. The shares were acquired at $32.43 each and bring his directly owned holdings to 25,818 common shares.

The award is in the form of restricted stock that vests 25% per year on January 28, 2027, 2028, 2029, and 2030. The total holding figure also reflects 35 shares acquired through employee stock purchase plan purchases since December 10, 2025.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Wise Andrew J

Role SEVP, Chief Risk Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,058	$32.43	$132K

Holdings After Transaction: Common Stock — 25,818 shares (Direct)

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 35 shares acquired via ESPP purchases since December 10, 2025. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

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^*

Wise Andrew J

(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)
	SEVP, Chief Risk 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		4,058(1)	A	$32.43	25,818(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 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030.

2. The information provided reflects 35 shares acquired via ESPP purchases since December 10, 2025. 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	02/02/2026
	** 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 AROW executive Andrew J. Wise report?

Andrew J. Wise reported receiving 4,058 shares of Arrow Financial Corp common stock as an equity award on January 28, 2026. These shares are restricted stock and increase his total directly owned holdings to 25,818 shares, including amounts accumulated through the company’s employee stock purchase plan.

At what price were the Arrow Financial (AROW) shares acquired in this Form 4?

The 4,058 Arrow Financial Corp common shares were acquired at $32.43 per share. This price applies to the restricted stock award granted on January 28, 2026, to executive Andrew J. Wise, who serves as Senior Executive Vice President and Chief Risk Officer of the company.

How many Arrow Financial (AROW) shares does Andrew J. Wise own after this transaction?

After this transaction, Andrew J. Wise beneficially owns 25,818 Arrow Financial Corp common shares directly. This total includes the newly granted 4,058 restricted shares and also reflects 35 shares acquired through employee stock purchase plan purchases since December 10, 2025, as disclosed.

What is the vesting schedule for Andrew J. Wise’s restricted AROW stock award?

The restricted stock vests in four equal annual installments of 25% each. Vesting dates are January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030, meaning the award becomes fully vested over a four-year period, subject to continued service conditions.

What is Andrew J. Wise’s role at Arrow Financial Corp (AROW)?

Andrew J. Wise is an officer of Arrow Financial Corp, serving as Senior Executive Vice President and Chief Risk Officer. His Form 4 filing reflects equity-based compensation in the form of restricted common stock, aligning his interests with shareholders through ongoing stock ownership and vesting.

How do ESPP purchases factor into Andrew J. Wise’s reported AROW holdings?

The reported total of 25,818 shares includes 35 shares acquired through the company’s employee stock purchase plan. The filing notes these ESPP purchases occurred since December 10, 2025, and are included to present an accurate picture of the insider’s total Arrow Financial Corp holdings as of the Form 4 date.