Arrow Financial director retainer: 290 shares issued at $27.31

Rhea-AI Filing Summary

Raymond F. O'Conor, a director of Arrow Financial Corp (AROW), acquired $27.31-priced common stock as part of his quarterly director retainer. On 10/08/2025 he received 290 shares, bringing his direct beneficial ownership to 29,833 shares. The form lists the transaction code J(1) and identifies the payment as a Quarterly Director's Retainer Payment. The filing was signed by Penko Ivanov, Attorney in Fact on 10/10/2025. This is a routine, non-derivative compensation issuance to a director and does not report any exercised options or derivative transactions.

Positive

• Director alignment increased through receipt of 290 shares as compensation
• Clear disclosure with transaction code and explicit remark: Quarterly Director's Retainer Payment

Negative

• None.

Insights

Corporate Governance Analyst

Director received stock as retainer, modest ownership increase.

The transaction shows a director-level compensation payment converted into 290 common shares at $27.31, raising direct holdings to 29,833 shares. Such in-kind retainer issuances are common for aligning director incentives with shareholder interests without immediate cash outlay.

This increases alignment but is small relative to typical institutional holdings; monitor aggregate director compensation and any future filings for larger patterns over 12 months.

Equity Compensation Analyst

Payment recorded as a retainer (non-derivative), not an option exercise.

The form classifies the event under Table I as a non-derivative acquisition with explanation "Quarterly Director's Retainer Payment," and uses transaction code J(1). No derivative securities were reported in Table II, indicating this was a direct share issuance or delivery rather than option activity.

Investors who track dilution should note the specific share count (290) and price ($27.31) when comparing against outstanding shares; watch subsequent Section 16 filings for additional compensation-related issuances over the next four quarters.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider O'Conor Raymond F

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	290	$27.31	$8K

Holdings After Transaction: Common Stock — 29,833 shares (Direct)

Footnotes (1)

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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^*

O'Conor Raymond F

(Last) (First) (Middle)

7 ROLLING GREEN DRIVE

(Street)

WILTON NY 12831

(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)		290	A	$27.31	29,833	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

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 Raymond F. O'Conor report on Form 4 for AROW?

He reported receiving 290 common shares on 10/08/2025 as a Quarterly Director's Retainer Payment, at a price of $27.31, resulting in 29,833 shares owned.

Does the Form 4 show any option exercises or derivative transactions for AROW?

No. Table II for derivative securities shows no entries, and the reported activity is a non-derivative acquisition recorded in Table I.

Who signed the Form 4 filing for this transaction?

The form lists Penko Ivanov, Attorney in Fact and shows a signature date of 10/10/2025.

How much did the director receive in dollar terms on this Form 4?

The reported per-share price is $27.31; for 290 shares that equals $7,920. - approximately based on the reported price (calculation shown for reference).

Did the filing indicate whether ownership is direct or indirect for AROW shares?

Yes. The filing shows the ownership form as Direct (D) following the reported transaction.