Arrow Financial (AROW) director updates shareholdings with equity retainer and DRIP

Rhea-AI Filing Summary

ARROW FINANCIAL CORP director Kristine D. Duffy reported updated share holdings, including a non-market equity retainer and dividend reinvestments. A Form 4 entry shows an "other" transaction of 195 shares of Common Stock at $38.49 per share, described as a quarterly director's retainer payment. Following this, she directly holds 6,408 shares. The filing also notes 1,038 shares held indirectly by her spouse, with a disclaimer that she does not admit beneficial ownership of those securities. Footnotes explain that her totals include 11 and 8 additional shares acquired under the Company's dividend reinvestment plan since March 18, 2026, which were not separately reportable but are reflected in the current holdings.

Insider Trade Summary

Net Buyer: 195 shares

Net Buy 2 txns

Insider Duffy Kristine D

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	195	$38.49	$8K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 6,408 shares (Direct); Common Stock — 1,038 shares (Indirect, Held by spouse)

Footnotes (4)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 11 shares acquired under the Company's DRIP since March 18, 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.
3. F3. The information provided reflects 8 shares acquired under the Company's DRIP since March 18, 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.
4. F4. 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.

Key Figures

Equity retainer shares: 195 shares at $38.49 Direct holdings after transaction: 6,408 shares Indirect spouse-held shares: 1,038 shares +1 more

4 metrics

Equity retainer shares 195 shares at $38.49 Quarterly director's retainer payment in common stock

Direct holdings after transaction 6,408 shares Common Stock held directly by Kristine D. Duffy after Form 4

Indirect spouse-held shares 1,038 shares Common Stock held indirectly by spouse, beneficial ownership disclaimed

DRIP shares added 11 shares and 8 shares Shares acquired under Company DRIP since March 18, 2026, included in totals

Key Terms

Quarterly Director's Retainer Payment, DRIP, beneficial ownership, indirect ownership

4 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"shares acquired under the Company's DRIP since March 18, 2026"

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.

beneficial ownership financial

"The reporting person disclaims beneficial ownership of these securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

indirect ownership financial

"Held by spouse"

FAQ

What insider activity did Arrow Financial (AROW) report for Kristine D. Duffy?

Arrow Financial reported that director Kristine D. Duffy recorded an "other" transaction of 195 common shares as a quarterly director's retainer payment at $38.49 per share, updating her total direct and indirect shareholdings disclosed in the Form 4.

How many Arrow Financial (AROW) shares does Kristine D. Duffy hold after this Form 4?

After the reported transactions, Kristine D. Duffy directly holds 6,408 Arrow Financial common shares and has 1,038 shares reported as indirectly held by her spouse. Footnotes clarify these figures include small additional shares from the company’s dividend reinvestment plan.

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

The J code in this Form 4 represents an "other" type of acquisition or disposition, not a standard open-market trade. Here, it reflects 195 common shares received as a quarterly director's retainer payment, rather than a conventional stock purchase or sale.

How are dividend reinvestment plan (DRIP) shares reflected for Arrow Financial (AROW) director Duffy?

The Form 4 states that 11 and 8 shares were acquired under Arrow Financial’s dividend reinvestment plan since March 18, 2026. These small DRIP acquisitions were not individually reportable but are included in the total direct and indirect holdings now disclosed.

What does Duffy’s disclaimer of beneficial ownership mean for Arrow Financial (AROW) shares held by her spouse?

The filing notes 1,038 Arrow Financial shares are held by Duffy’s spouse and includes a disclaimer that she does not admit beneficial ownership of those securities. This clarifies legal responsibility and control, even though the shares are reported as indirect holdings on the Form 4.

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/22/2026 - 04:52 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^*

Duffy Kristine D

(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)
06/17/2026

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	06/17/2026		J(1)		195	A	$38.49	6,408(2)	D
Common Stock								1,038(3)	I(4)	Held by spouse

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 11 shares acquired under the Company's DRIP since March 18, 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.

3. The information provided reflects 8 shares acquired under the Company's DRIP since March 18, 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.

4. 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	06/22/2026
	** 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)