Arrow Financial (AROW) director adds 250 shares via stock retainer

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) Form 4 filing dated 07/11/2025 reports a modest change in insider ownership.

• Reporting person: Philip C. Morris, Director.
• Transaction date: 07/09/2025.
• Transaction code: J – shares received as non-cash compensation (Quarterly Director’s Retainer).
• Shares acquired: 250 common shares at an assigned value of $27.47 per share (approx. $6.9 thousand).
• Total direct holdings after transaction: 5,712 shares. Footnote 2 clarifies that this figure includes 168 shares accumulated through the company’s Dividend Reinvestment Plan since 04/09/2025.

No derivative securities were reported, and there were no dispositions. The filing reflects routine director compensation rather than discretionary open-market buying, so the signal for outside investors is limited.

Insights

Securities Analyst

TL;DR – Small, routine share award; neutral market impact.

The 250-share award to Director Philip Morris, coded “J,” represents stock received in lieu of cash for board service. At under $7 k in value and bringing total direct ownership to 5,712 shares, it is administratively significant but immaterial from a valuation or sentiment standpoint. Because the transaction is compensation-related rather than a discretionary purchase, it offers limited insight into management’s view of Arrow Financial’s prospects. I therefore classify the filing as routine and not likely to influence the stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	250	$27.47	$7K

Holdings After Transaction: Common Stock — 5,712 shares (Direct)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 168 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.

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^*

Morris Philip C

(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)		250	A	$27.47	5,712(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 168 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.

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 the director receive?

Philip C. Morris received 250 common shares on 07/09/2025.

What was the nature of the AROW insider transaction?

The shares were awarded as a Quarterly Director’s Retainer (Form 4 code J), not an open-market purchase.

What is the director’s total AROW shareholding after the transaction?

Following the award, Morris directly owns 5,712 shares.

Was there any sale of Arrow Financial shares in this Form 4?

No sales were reported; the filing only shows an acquisition of 250 shares.

Does this Form 4 include derivative securities?

No derivative securities were reported in Table II of the filing.