Arrow Financial (AROW) director reports DRIP share purchase

Rhea-AI Filing Summary

Arrow Financial Corp reports that one of its directors purchased common stock through the Company's DRIP program. On December 11, 2025, the director acquired 31 shares of common stock at $31.97 per share in an optional cash purchase transaction.

Following this transaction, the director beneficially owns 6,311 shares of Arrow Financial common stock. This total includes 53 shares previously acquired under the DRIP since November 11, 2025 that were not required to be reported individually.

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^*

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)
12/11/2025

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	12/11/2025		J(1)		31	A	$31.97	6,311(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. The reported transaction represents an optional cash purchase of shares under the Company's DRIP.

2. The information provided reflects 53 shares acquired under the Company's DRIP since November 11, 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	12/12/2025
	** 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 insider transaction did Arrow Financial Corp (AROW) disclose?

The filing shows that a director of Arrow Financial Corp acquired 31 shares of common stock on December 11, 2025 through an optional cash purchase under the Company's DRIP program at $31.97 per share.

How many Arrow Financial Corp (AROW) shares does the director now beneficially own?

After the reported transaction, the director beneficially owns 6,311 shares of Arrow Financial Corp common stock.

What price was paid per Arrow Financial Corp (AROW) share in this transaction?

The director paid $31.97 per share for the 31 shares of Arrow Financial Corp common stock acquired on December 11, 2025.

When did the Arrow Financial Corp (AROW) director's reported transaction occur?

The reported acquisition of 31 shares of Arrow Financial Corp common stock took place on December 11, 2025.

Does the Arrow Financial Corp (AROW) filing mention additional DRIP shares in the director's holdings?

Yes. The disclosure notes that the total of 6,311 shares includes 53 shares acquired under the Company's DRIP since November 11, 2025 that were not required to be reported separately.

What does the Arrow Financial Corp (AROW) filing say about the nature of the transaction?

The filing explains that the reported transaction represents an optional cash purchase of shares under the Company's DRIP, identified with transaction code J in the non-derivative securities table.