Arrow Financial (AROW) director paid quarterly retainer in company stock

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris reported an “other” transaction involving 195 shares of Common Stock as of June 17, 2026 at $38.49 per share. A footnote explains this represents a quarterly director’s retainer paid in stock. Following this transaction, he directly holds 8,744 shares, which include 55 shares acquired through the company’s dividend reinvestment plan since May 19, 2026.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

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

Holdings After Transaction: Common Stock — 8,744 shares (Direct)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 55 shares acquired under the Company's DRIP since May 19, 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

Other transaction shares: 195 shares Transaction price: $38.49 per share Shares held after transaction: 8,744 shares +1 more

4 metrics

Other transaction shares 195 shares Common Stock, code J on June 17, 2026

Transaction price $38.49 per share Other transaction in Common Stock

Shares held after transaction 8,744 shares Direct holdings following Form 4 transaction

DRIP-acquired shares included 55 shares Acquired under company DRIP since May 19, 2026

Key Terms

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

3 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"55 shares acquired under the Company's DRIP since May 19, 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.

Other acquisition or disposition financial

"transaction_code_description": "Other acquisition or disposition""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/22/2026 - 04:47 PM Accepted by SEC EDGAR 06/22/2026 - 04:47 PM Learn about SEC filing dates

FAQ

What insider transaction did Arrow Financial Corp (AROW) report for Philip C. Morris?

Arrow Financial Corp reported an “other” transaction for director Philip C. Morris involving 195 shares of Common Stock at $38.49 per share. A footnote states this represents a quarterly director’s retainer payment made in stock rather than a typical market trade.

How many Arrow Financial Corp (AROW) shares does Philip C. Morris hold after this Form 4?

After the reported transaction, Philip C. Morris holds 8,744 Arrow Financial Corp Common Stock shares directly. This total includes 55 shares acquired under the company’s dividend reinvestment plan since May 19, 2026, which were not separately reportable but are now reflected.

Was the Arrow Financial Corp (AROW) insider transaction a normal buy or sell?

The transaction was coded as “J,” described as an “Other acquisition or disposition,” not a standard open-market buy or sell. Footnotes clarify it represents a quarterly director’s retainer payment in stock, making it a compensation-related event rather than a discretionary trade.

What does the DRIP reference mean in the Arrow Financial Corp (AROW) Form 4 footnote?

The footnote notes 55 shares were acquired under Arrow Financial Corp’s dividend reinvestment plan, or DRIP, since May 19, 2026. These DRIP shares were not previously reportable on Form 4 but are included to show Morris’s total current holdings on this filing date.

How many shares were involved in the restructuring-type transaction for Arrow Financial Corp (AROW)?

The summary data shows 195 shares classified under restructuring-type activity for this Form 4. This aligns with the 195-share “other” transaction tied to the director’s quarterly retainer, indicating the reported event is administrative compensation rather than a large market trade.

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)
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	8,744(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 55 shares acquired under the Company's DRIP since May 19, 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	06/18/2026
	** 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)