Morris Philip C 4

What Happened
Philip C. Morris, a director of Arrow Financial Corp (AROW), acquired 29 shares on February 11, 2026 at $35.08 per share, for a total cost of approximately $1,017. This was a purchase (an acquisition), executed as an optional cash purchase under the company's dividend reinvestment plan (DRIP).

Key Details

• Transaction date: 2026-02-11; Price: $35.08 per share; Shares: 29; Total value: ~$1,017.
• Transaction code: J (Other acquisition or disposition).
• Footnote: The purchase represents an optional cash purchase of shares under the Company's DRIP (per footnote F1).
• Shares owned after the transaction: Not specified in the provided filing.
• Filing date: 2026-02-12 — filed the day after the trade (timely with typical Form 4 requirements).

Context
This was a small-dollar purchase via the company's DRIP, a routine way for insiders to add shares by reinvesting dividends or making optional cash purchases. Such purchases are factual signals of additional share accumulation but, by themselves, should be viewed alongside other insider activity and company fundamentals.