[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) filed a Form 4 reporting that director Kristine D. Duffy acquired 284 common shares on 07/09/2025 at $27.47 each. The transaction is coded “J”, denoting a non-open-market award related to the quarterly director retainer. After the grant, Duffy holds 4,855 shares directly and 790 shares indirectly through her spouse. The filing also discloses 41 dividend reinvestment plan shares accumulated since 04/09/2025, bringing her total reported beneficial ownership to roughly 5,686 shares.

Insights

Securities Analyst

TL;DR: Non-open-market director stock grant; minimal dollar value; neutral investment signal.

The Form 4 reflects a routine quarterly retainer paid in equity to director Kristine D. Duffy—284 shares worth about $7.8 k. Because the shares were granted rather than bought on the open market, the filing offers limited insight into the director’s discretionary view of Arrow Financial’s valuation. Post-transaction ownership remains immaterial relative to the roughly 16 million shares outstanding, so the event does not meaningfully affect the company’s share structure or investor outlook.

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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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)
07/09/2025

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	07/09/2025		J(1)		284	A	$27.47	4,855(2)	D
Common Stock								790	I(3)	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 41 shares acquired under the Company's DRIP since April 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.

3. 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:

	Penko Ivanov, Attorney in Fact	07/11/2025
	** 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

How many Arrow Financial (AROW) shares did director Kristine D. Duffy acquire on 07/09/2025?

She received 284 shares as part of her quarterly director retainer.

What was the reported transaction price in the Form 4?

The shares were valued at $27.47 each.

What does transaction code "J" mean in Arrow Financial's Form 4?

Code J indicates a non-open-market acquisition, typically an award such as a director retainer.

How many AROW shares does Kristine D. Duffy own after the transaction?

She now holds 4,855 shares directly, 790 indirectly via spouse, plus 41 DRIP shares—about 5,686 in total.

Were any derivative securities reported in this filing?

No, Table II shows no derivative securities acquired or held.