Arrow Financial Director Colin L. Read's Stock Transfers to Direct Ownership

This Form 4 filing reports that Colin L. Read, a director of Arrow Financial Corp (AROW), transferred shares from indirect ownership (held by his wife) to direct ownership between May 11-26, 2026. The transactions involved transfers of 1,876, 525, 500, and 119 shares on four separate dates, all at $0 per share as gifts. Following these transfers, Read's direct ownership increased from 30,376 to 33,396 shares, while his indirect ownership through his wife decreased from 3,020 to 0 shares. The reporting person disclaims beneficial ownership of the indirectly held securities. These are non-market transactions (code G) representing internal ownership restructuring rather than open market purchases or sales.