CHAMPION GREGORY J 4

What Happened

• Gregory J. Champion, a director of Arrow Financial Corp. (AROW), acquired 406 shares on June 17, 2026 at $38.49 per share for a total of about $15,627. The transaction is reported on a Form 4 as an "other acquisition" (code J). A footnote identifies the transaction as a quarterly director's retainer payment.

Key Details

• Transaction date and price: 2026-06-17, 406 shares at $38.49 each (~$15,627 total).
• Transaction type/code: Other acquisition (J); footnote F1 = Quarterly Director's Retainer Payment.
• Filing date: Form 4 filed 2026-06-22 reporting the 6/17/2026 transaction.
• Additional holdings disclosed: Footnote F2 states 79 shares were acquired under the company DRIP since March 18, 2026; these were not required to be separately reported and are being furnished to disclose total holdings. The filing does not list a separate total "shares owned after" figure on the summary provided here.
• No option exercise, open-market trade, gift, or tax-withholding noted for this transaction.

Context

• This was an issuance tied to director compensation (retainer), not an open-market purchase or sale. Such issuances are routine compensation events and differ from voluntary purchases or sales by insiders. Purchases and other acquisitions can be more informative than sales, but this filing simply documents compensation-related share issuance and recent DRIP activity.