Arrow Financial (NASDAQ: AROW) banking chief receives 4,058-share restricted stock grant

Rhea-AI Filing Summary

Arrow Financial Corp executive Marc Yrsha, SEVP and Chief Banking Officer, acquired 4,058 shares of common stock on January 28, 2026 at $32.43 per share as a restricted stock award. The restricted shares vest in four equal 25% installments each January 28 from 2027 through 2030.

After this grant and prior plan allocations, dividend reinvestment, and employee purchases, Yrsha beneficially owns 14,132 Arrow Financial common shares as of this Form 4.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Yrsha Marc

Role SEVP, Chief Banking Officer

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

Holdings After Transaction: Common Stock — 14,132 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 74 shares acquired under the Company's DRIP, 194 shares acquired via ESPP purchases and 2,390 shares related to the 2024 ESOP allocation since January 29, 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^*

Yrsha Marc

(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 Banking 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	14,132(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 74 shares acquired under the Company's DRIP, 194 shares acquired via ESPP purchases and 2,390 shares related to the 2024 ESOP allocation since January 29, 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 Marc Yrsha report on this Form 4?

Marc Yrsha reported receiving 4,058 shares of Arrow Financial Corp common stock on January 28, 2026. The shares were acquired at $32.43 each as a restricted stock award, increasing his total beneficial ownership to 14,132 common shares as of this filing.

How do the 4,058 AROW restricted shares granted to Marc Yrsha vest over time?

The 4,058 restricted Arrow Financial shares vest in four equal 25% installments. Vesting occurs on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030, gradually converting the award into fully vested common stock over four years.

What is Marc Yrsha’s total Arrow Financial (AROW) share ownership after this transaction?

After the reported award, Marc Yrsha beneficially owns 14,132 Arrow Financial common shares. This total includes prior shares from the company’s dividend reinvestment plan, employee stock purchase plan, and a 2024 ESOP allocation accumulated since January 29, 2025.

At what price were the 4,058 Arrow Financial (AROW) shares awarded to Marc Yrsha?

The 4,058 Arrow Financial common shares were reported at $32.43 per share. This price is used on the Form 4 to value the restricted stock award granted on January 28, 2026, to the SEVP and Chief Banking Officer, Marc Yrsha.

What is Marc Yrsha’s role at Arrow Financial Corp (AROW) related to this Form 4 filing?

Marc Yrsha is an officer of Arrow Financial Corp, serving as SEVP and Chief Banking Officer. His corporate position makes him a reporting person under Section 16, requiring disclosure of changes in his beneficial ownership of Arrow Financial common stock.

Which stock plans contributed to Marc Yrsha’s reported AROW share total of 14,132?

The total of 14,132 Arrow Financial shares reflects multiple sources. It includes 74 shares from the company’s dividend reinvestment plan, 194 shares from employee stock purchase plan purchases, and 2,390 shares from the 2024 ESOP allocation accumulated since January 29, 2025.