[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp. (AROW) filed a Form 4 showing that director James M. Dawsey acquired 501 common shares on 07 / 09 / 2025. The transaction is coded “J,” indicating stock received as part of the director’s quarterly retainer rather than an open-market trade. At a reported reference price of $27.47 per share, the shares have an approximate market value of $13.8 thousand. After inclusion of these shares—plus 175 DRIP shares accumulated since April 9, 2025—Dawsey’s direct ownership stands at 17,763 shares. No derivative securities were reported. The filing does not disclose any broader strategic or financial implications for the company.

Insights

Securities Analyst

TL;DR Minor insider share receipt for board compensation; informational only, limited market impact.

Dawsey’s 501-share acquisition is a routine payment in equity, not a discretionary buy—hence the “J” code. The $13.8 k value is immaterial versus Arrow Financial’s daily trading volume and does not meaningfully alter insider ownership percentages. The disclosure slightly increases transparency by rolling DRIP shares into the total, but it offers no signal on operating performance or strategic direction. I classify this as neutral for investors.

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^*

Dawsey James M

(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)		501	A	$27.47	17,763(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 175 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 AROW shares did director James M. Dawsey acquire on July 9, 2025?

He acquired 501 common shares as part of his quarterly director retainer.

What is the transaction code "J" noted in the AROW Form 4?

Code J indicates shares received as compensation or other non-market transaction, not an open-market purchase.

What is Dawsey’s total direct ownership of Arrow Financial stock after the filing?

Following the transaction, he directly owns 17,763 shares.

Was any derivative security activity reported in this Form 4 filing?

No. The filing shows no derivative securities acquired or disposed of.

What price was referenced for the shares received by the director?

The filing lists a reference price of $27.47 per share for the 501 shares.