Penko Krassimir Ivanov - 10 Sep 2025 Form 4 Insider Report for ARROW FINANCIAL CORP (AROW)

Role: SEVP, Treasurer and CFO
Signature: Penko Ivanov
Issuer symbol: AROW
Transactions as of: 10 Sep 2025
Net transactions value: +$145,499
Form type: 4
Filing time: 12 Sep 2025, 11:32:07 UTC
Previous filing: 28 Aug 2025
Next filing: 05 Nov 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	12 Sep 2025	0001577827

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AROW	Common Stock	Purchase	$142,590	+4,900	+25%	$29.10	24,644	10 Sep 2025	Direct	F1
transaction	AROW	Common Stock	Purchase	$2,909	+100	+0.41%	$29.09	24,744	10 Sep 2025	Direct

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

Explanation of Responses:

Id	Content
F1	The information provided reflects 29 shares acquired under the Company's ESPP since August 26, 2025, which were not required to be reported on a Form 4. This information is being provided to disclose the total holdings of the insider as of the date of this Form 4.