Penko Krassimir Ivanov - 26 Aug 2025 Form 4 Insider Report for ARROW FINANCIAL CORP (AROW)

Role: SEVP, Treasurer and CFO
Signature: Penko Ivanov
Issuer symbol: AROW
Transactions as of: 26 Aug 2025
Net transactions value: +$353,486
Form type: 4
Filing time: 28 Aug 2025, 15:14:26 UTC
Previous filing: 08 Aug 2025
Next filing: 12 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Ivanov Penko Krassimir	SEVP, Treasurer and CFO	16 WHITBECK DRIVE, QUEENSBURY	Penko Ivanov	28 Aug 2025	0001577827

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AROW	Common Stock	Purchase	$31,758	+1,078	+14%	$29.46	8,787	26 Aug 2025	Direct
transaction	AROW	Common Stock	Purchase	$115,316	+3,925	+45%	$29.38	12,712	27 Aug 2025	Direct
transaction	AROW	Common Stock	Purchase	$206,412	+6,997	+55%	$29.50	19,715	27 Aug 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 6 shares acquired under the Company's DRIP since August 06, 2025 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.