Morris Philip C 4

What Happened
Philip C. Morris, a director of Arrow Financial Corp (AROW), was granted 818 restricted shares on January 28, 2026, at a reported value of $32.43 per share, totaling $26,528. This was an award/grant of restricted stock (Form 4 code A), not an open-market purchase or sale.

Key Details

• Transaction date and price: January 28, 2026 — 818 shares at $32.43 each (total $26,528).
• Filing date: Form filed February 4, 2026 (appears later than the usual 2-business-day Form 4 deadline).
• Shares owned after transaction: Not disclosed in this filing.
• Footnote: The restricted stock vests in three equal installments on Jan 28, 2027; Jan 28, 2028; and Jan 28, 2029.
• Transaction type: Award/grant of restricted stock (code A). No 10b5-1 plan, tax withholding, or sale noted in this filing.

Context
Restricted stock grants are a form of compensation that vest over time and are not the same as an open-market purchase by an insider. Such awards routinely reflect compensation arrangements rather than an immediate market sentiment signal; the holdings only become transferable as they vest.