Arrow Financial director receives 373-share stock retainer

Arrow Financial Corp director James M. Dawsey reported a routine equity compensation transaction.

Rhea-AI Filing Summary

Arrow Financial Corp director James M. Dawsey reported a routine equity compensation transaction. On the reported date, he received 373 shares of common stock valued at $38.49 per share as a quarterly director’s retainer payment. Following this transaction, his directly held position increased to 20,596 shares of Arrow Financial common stock.

A footnote explains that this total also incorporates 151 additional shares acquired through the company’s dividend reinvestment plan since March 18, 2026, which had not previously required separate Form 4 reporting. The filing therefore updates the market on the director’s current overall shareholdings rather than signaling an open-market purchase or sale.

Insider Trade Summary

Other: 373 shares

Other 1 txn

Insider Dawsey James M

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	373	$38.49	$14K

Holdings After Transaction: Common Stock — 20,596 shares (Direct)

Footnotes (2)

1. F1. Quarterly Director's Retainer Payment
2. F2. The information provided reflects 151 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.

Key Figures

Director retainer shares: 373 shares Per-share value: $38.49 per share Total shares after transaction: 20,596 shares +1 more

4 metrics

Director retainer shares 373 shares Quarterly director’s retainer payment in common stock

Per-share value $38.49 per share Reported price for 373 retainer shares

Total shares after transaction 20,596 shares Director’s direct Arrow Financial holdings after Form 4

DRIP shares since March 18, 2026 151 shares Dividend reinvestment plan accumulations now reflected in total holdings

Key Terms

Quarterly Director's Retainer Payment, DRIP, Form 4, Other acquisition or disposition

4 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"151 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.

Form 4 regulatory

"not required to be reported on a Form 4"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Other acquisition or disposition regulatory

"transaction code description: Other acquisition or disposition"

FAQ

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

What insider transaction did Arrow Financial (AROW) director James M. Dawsey report?

James M. Dawsey reported a routine equity compensation transaction involving 373 shares of Arrow Financial common stock. These shares were received as a quarterly director’s retainer payment at $38.49 per share, rather than through an open-market purchase or sale.

How many Arrow Financial (AROW) shares does James M. Dawsey hold after this Form 4?

After the reported transaction, James M. Dawsey directly holds 20,596 shares of Arrow Financial common stock. This figure includes both the 373-share quarterly retainer grant and 151 shares accumulated through the company’s dividend reinvestment plan since March 18, 2026.

Was the Arrow Financial (AROW) Form 4 a market buy or sell by the director?

The Form 4 does not show a market buy or sell. It records 373 shares received as a quarterly director’s retainer payment, coded as an “Other acquisition or disposition,” indicating compensation rather than an open-market transaction by James M. Dawsey.

What price per share is associated with the Arrow Financial (AROW) director’s retainer shares?

The 373 common shares tied to the director’s quarterly retainer are reported at $38.49 per share. This per-share value is disclosed in the Form 4 and helps indicate the notional dollar amount of the equity component of James M. Dawsey’s board compensation.

What does the Arrow Financial (AROW) Form 4 say about DRIP shares for the director?

A footnote states 151 shares were acquired under Arrow Financial’s dividend reinvestment plan since March 18, 2026. These DRIP shares previously did not require Form 4 reporting and are now included so investors see James M. Dawsey’s complete current holdings.

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

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Accepted by SEC EDGAR 06/22/2026 - 04:54 PM EDT 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^*

Dawsey James M

(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)		373	A	$38.49	20,596(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 151 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.

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)