David S. DeMarco - 24 Dec 2025 Form 4 Insider Report for ARROW FINANCIAL CORP (AROW)

Role: President & CEO
Signature: Penko Ivanov, Attorney in Fact
Issuer symbol: AROW
Transactions as of: 24 Dec 2025
Net transactions value: +$96,452
Form type: 4
Filing time: 30 Dec 2025, 12:08:56 UTC
Previous filing: 03 Feb 2025
Next filing: 02 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
DeMarco David S.	President & CEO	7 INGERSOL ROAD, SARATOGA SPRINGS	Penko Ivanov, Attorney in Fact	30 Dec 2025	0001463249

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AROW	Common Stock	Purchase	$96,452	+3,035		$31.78	3,035	24 Dec 2025	By 401(k)
holding	AROW	Common Stock						56,171	24 Dec 2025	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The information provided reflects 51 shares acquired under the Company's DRIP, 450 shares acquired via ESPP purchases and 6,813 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.