[Form 4/A] ARROW FINANCIAL CORP Amended Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial (AROW) director filed a Form 4/A amending an earlier report to include an additional transaction. On 10/08/2025, the director acquired 267 shares of common stock at $27.31 (code J) as a Quarterly Director's Retainer Payment, bringing direct holdings to 5,129 shares. On 08/08/2025, a separate open-market purchase (code P) of 210 shares at $26.53 was reported as indirect ownership, held by spouse, with 1,000 shares shown under indirect holdings.

The amendment states it corrects the original filed on 10/10/2025 to reflect a previously unreported purchase.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Duffy Kristine D

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NY 12801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
10/10/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/08/2025		J(1)		267	A	$27.31	5,129	D
Common Stock	08/08/2025		P		210	A	$26.53	1,000	I(2)	Held by spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Quarterly Director's Retainer Payment

2. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Remarks:

The original Form 4 filed on October 10, 2025, is being amended to reflect a previously unreported purchase of shares.

	Penko Ivanov, Attorney in Fact	10/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did AROW's director report in this Form 4/A amendment?

An additional acquisition was added: 267 shares at $27.31 on 10/08/2025 as a Quarterly Director's Retainer Payment, plus prior details.

How many AROW shares does the director own directly after the transactions?

Direct beneficial ownership is 5,129 shares.

Were there any indirect AROW share holdings reported?

Yes. 210 shares were purchased at $26.53 on 08/08/2025, held indirectly by spouse, with 1,000 shares listed as indirect holdings.

What do the transaction codes J and P mean here?

Code J reflects the Quarterly Director's Retainer Payment; code P indicates an open-market purchase.

Why was the AROW Form 4 amended?

The filing notes it was amended to include a previously unreported purchase, correcting the original submitted on 10/10/2025.

What is the reporting person's relationship to AROW?

The reporting person is a Director of Arrow Financial Corp.