CHAMPION GREGORY J 4

What Happened

• Gregory J. Champion, a director of Arrow Financial Corp (AROW), received 492 shares on 2026-03-18 as a director retainer. The shares were acquired at $31.76 each for a total value of $15,626. This was an acquisition via compensation (not an open-market purchase).

Key Details

• Transaction date and price: 2026-03-18, 492 shares at $31.76 per share (total $15,626).
• Transaction code: "J" (Other acquisition or disposition); footnote clarifies this was the quarterly director's retainer payment.
• Additional disclosure: the filing furnishes that 80 shares were acquired under the company’s DRIP since Jan 28, 2026; these were not required to be reported on a Form 4 but are included to disclose total holdings.
• Shares owned after transaction: the filing discloses the DRIP adjustment to show total holdings, but the exact post-transaction total is not specified in the information provided here.
• Timeliness: filed on 2026-03-20 for a 2026-03-18 transaction — appears timely.

Context

• This was compensation-related (retainer) rather than an open-market buy, so it represents routine director pay rather than an explicit market-confidence signal. DRIP (dividend reinvestment plan) shares are also routine and commonly not separately reported until furnished as part of a Form 4.