Penko Krassimir Ivanov - 28 Jan 2026 Form 4 Insider Report for ARROW FINANCIAL CORP (AROW)

Role: SEVP, Treasurer and CFO
Signature: Penko Ivanov
Issuer symbol: AROW
Transactions as of: 28 Jan 2026
Net transactions value: +$147,816
Form type: 4
Filing time: 02 Feb 2026, 16:40:25 UTC
Previous 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	02 Feb 2026	0001577827

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AROW	Common Stock	Award	$147,816	+4,558	+17%	$32.43	31,045	28 Jan 2026	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The restricted stock vests 25% per year on January 28, 2027, January 28, 2028, January 28, 2029, and January 28, 2030.
F2	The information provided reflects 7 shares acquired under the Company's DRIP and 96 shares acquired via ESPP purchases since November 04, 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.