Arrow Financial (AROW) director Colin Read receives 818-share restricted stock grant

Rhea-AI Filing Summary

Arrow Financial Corp director Colin L. Read reported receiving an award of 818 shares of Arrow Financial common stock on January 28, 2026 at a value of $32.43 per share. After this grant, he directly holds 30,150 common shares.

The 818 restricted shares vest in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029. The filing also notes 3,020 shares held indirectly by his wife, for which he disclaims beneficial ownership.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Read Colin L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	818	$32.43	$27K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 30,150 shares (Direct); Common Stock — 3,020 shares (Indirect, Held By Wife)

Footnotes (1)

1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029. 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.

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^*

Read Colin L

(Last) (First) (Middle)

81 BLAIR ROAD

(Street)

PLATTSBURGH NY 12901

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		818(1)	A	$32.43	30,150	D
Common Stock								3,020	I(2)	Held By Wife

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 in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.

2. 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	02/03/2026
	** 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 Arrow Financial Corp (AROW) report for Colin L. Read?

Arrow Financial Corp reported that director Colin L. Read received an award of 818 shares of common stock on January 28, 2026 at $32.43 per share. This equity grant increased his directly held Arrow Financial common shares to 30,150 following the transaction.

How do the 818 restricted shares granted to AROW director Colin L. Read vest?

The 818 restricted Arrow Financial Corp shares granted to Colin L. Read vest in three equal installments. Vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, meaning one‑third of the award becomes unrestricted on each of those three future dates.

What is Colin L. Read’s total reported Arrow Financial (AROW) share ownership after this Form 4?

After the January 28, 2026 grant, Colin L. Read directly owns 30,150 Arrow Financial common shares. The filing also lists 3,020 additional shares held indirectly by his wife, but he expressly disclaims beneficial ownership of those indirectly held securities for all purposes.

Are all Arrow Financial (AROW) shares reported for Colin L. Read owned directly?

No. Colin L. Read directly owns 30,150 Arrow Financial shares. An additional 3,020 shares are held indirectly by his wife. The filing states he disclaims beneficial ownership of the wife‑held shares, so they are associated with him but not treated as his beneficial ownership.

What does the Form 4 say about Colin L. Read’s role at Arrow Financial Corp (AROW)?

The filing identifies Colin L. Read as a director of Arrow Financial Corp. It does not list him as an officer or 10% owner. The reported transaction reflects a director equity award in the form of restricted common stock with multi‑year vesting conditions attached.