AROW: Director Retainer Issues 267 Shares, Total Holdings 5,919 Shares

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) director Kristine Duffy reported the acquisition of 267 shares of common stock on 10/08/2025 at a price of $27.31 per share as part of a quarterly director's retainer payment. Following the transaction, the reporting person beneficially owns 5,129 shares directly and 790 shares indirectly (held by spouse). The filing also discloses that 7 additional shares were acquired under the company's dividend reinvestment plan since 07/09/2025 and are included in the total holdings. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Positive

• Director alignment: Received equity via a 267-share retainer, linking compensation to shareholder outcomes.
• Transparency: Filing discloses 7 DRIP shares acquired since 07/09/2025, clarifying total holdings.

Negative

• Non-market issuance: Shares were issued as compensation rather than bought in the open market, so it does not signal personal cash investment.

Insights

Corporate Governance Analyst

Director received equity as compensation and modestly increased direct holdings.

The reported 267-share acquisition at $27.31 reflects a non-open-market compensation event described as a quarterly director's retainer payment rather than a market purchase. Such issuances align director pay with shareholder interests by delivering equity instead of cash.

Key dependencies include the company's standard retainer schedule and any future DRIP activity; the filing notes 7 DRIP shares since 07/09/2025. Investors should note this is routine governance compensation with limited immediate market impact.

Insider Transactions Specialist

This filing clarifies total beneficial ownership after a director retainer issuance.

The Form 4 reports total direct holdings of 5,129 shares and indirect holdings of 790 shares, useful for tracking insider alignment with shareholders. The disclosure of prior DRIP shares improves transparency about cumulative holdings.

Monitor subsequent Form 4s for open-market transactions or larger changes; routine retainer issuances and small DRIP increments typically do not materially alter ownership stakes in the near term.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Duffy Kristine D

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	267	$27.31	$7K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 5,129 shares (Direct); Common Stock — 790 shares (Indirect, Held by spouse)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 7 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.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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^*

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)
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)		267	A	$27.31	5,129(2)	D
Common Stock								790	I	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 information provided reflects 7 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 the Form 4 for ARROW FINANCIAL CORP (AROW) report?

It reported a director acquisition of 267 shares on 10/08/2025 at $27.31 per share as a quarterly retainer, with total direct holdings of 5,129 shares.

Does the Form 4 show any indirect ownership for the reporting person?

Yes. The filing lists 790 shares held indirectly by the reporting person's spouse.

Were any dividend reinvestment plan (DRIP) shares disclosed?

Yes. The filing furnishes that 7 shares were acquired under the company's DRIP since 07/09/2025 and are included in the total holdings.

Was the transaction an open-market purchase?

No. The Form 4 indicates the 267-share transaction was a quarterly director's retainer payment, not an open-market purchase.

Who signed the Form 4 and when?

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