[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Director Colin L. Read reported a non‑derivative acquisition of 233 shares of Arrow Financial Corp common stock on 10/08/2025 at a reported price of $27.31. The filing notes this was a quarterly director's retainer payment (transaction code J). After the transaction the reporting person directly beneficially owns 29,332 shares, and indirectly holds 3,020 shares that are reported as held by wife. The form is signed by an attorney‑in‑fact on 10/10/2025.

Positive

• Director compensation paid in stock (233 shares) which can align interests with shareholders
• Complete disclosure of direct and indirect holdings: 29,332 direct shares and 3,020 shares held by wife

Negative

• None.

Insights

Corporate Governance Analyst

Director accepted stock retainer; modest ownership with family holdings disclosed.

The transaction shows a routine compensation settlement: 233 shares issued as a quarterly director retainer on 10/08/2025 at $27.31. Reporting lists 29,332 shares directly owned by the director plus 3,020 shares indirectly held by spouse, and the filing disclaims additional beneficial ownership for the spouse‑held shares.

This is a standard governance disclosure that aligns director pay with equity ownership and provides transparency on family holdings. Monitor future Form 4s for cumulative insider selling or additional grants if assessing changes in insider alignment over a rolling 12‑month period.

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^*

Read Colin L

(Last) (First) (Middle)

81 BLAIR ROAD

(Street)

PLATTSBURGH NY 12901

(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)		233	A	$27.31	29,332	D
Common Stock								3,020	I(2)	Held By Wife

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 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	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 AROW director Colin L. Read report on Form 4?

The director reported receiving 233 shares as a quarterly retainer on 10/08/2025 at $27.31, bringing direct ownership to 29,332 shares.

How many Arrow Financial (AROW) shares does the reporting person indirectly own?

The filing reports 3,020 shares held indirectly by the reporting person's wife; the reporting person disclaims beneficial ownership of those shares.

What was the transaction code and what does it indicate?

The transaction is listed with code J, and the filer explains it represents a quarterly director's retainer payment.

When was the Form 4 signed and who signed it?

The form is signed by an attorney‑in‑fact, Penko Ivanov, on 10/10/2025.

What is the reported price per share for the transaction?

The reported price was $27.31 per share for the 233 shares acquired on 10/08/2025.