[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase increases director stake in Arrow Financial Corp. Director Casaccio Tenee R acquired 412 shares of Arrow Financial Corp (AROW) on 10/08/2025 at a reported price of $27.31 per share as a quarterly director's retainer payment. After the transaction the reporting person beneficially owns 26,542 shares. The filing also discloses 233 additional shares acquired under the company dividend reinvestment plan since 07/09/2025, which are being furnished now to show total holdings. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Positive

• Director stake increased to 26,542 shares after receiving 412 shares as retainer
• Participates in DRIP with 233 shares reinvested since 07/09/2025, showing alignment with shareholders

Negative

• None.

Insights

Corporate Governance & Insider Holdings Analyst

Director received compensation in stock and modestly increased insider ownership.

Director compensation was paid in company common stock via a quarterly retainer, resulting in an acquisition of 412 shares at $27.31, bringing total beneficial ownership to 26,542 shares. The disclosure also consolidates 233 DRIP shares accumulated since 07/09/2025, clarifying previously unreported holdings.

The transaction is a routine non‑market purchase tied to director pay rather than open‑market trading; the main governance implication is a slight increase in the director's stake and alignment with shareholder interests. Monitor subsequent Form 4s or scheduled retainer payments over the next 12 months for any pattern of increasing insider ownership or material changes.

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

OMB Number:			3235-0287
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hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Casaccio Tenee R

(Last) (First) (Middle)

PO BOX 406

(Street)

BOLTON LANDING NY 12814

(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)
10/08/2025

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

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)		412	A	$27.31	26,542(2)	D

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 information provided reflects 233 shares acquired under the Company's DRIP since July 09, 2025, which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

Remarks:

	Penko Ivanov, Attorney in Fact	10/10/2025
	** 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 Arrow Financial Corp (AROW) director Casaccio acquire on 10/08/2025?

The director acquired 412 shares of common stock at $27.31 per share on 10/08/2025 as a quarterly retainer payment.

How many shares does the reporting person beneficially own after the transaction?

Following the reported transaction the reporting person beneficially owns 26,542 shares.

What is the significance of the 233 shares mentioned in the filing?

The 233 shares were acquired under the company's dividend reinvestment plan since 07/09/2025 and are disclosed to show total holdings.

Was this Form 4 filed jointly or by one reporting person?

The filing indicates it was a Form filed by one reporting person.

Who signed the Form 4 and when?

The form was signed by an attorney‑in‑fact, Penko Ivanov, on 10/10/2025.