Arrow Financial Form 4: Director Kruczlnicki Receives Stock Compensation

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) – Form 4 filing dated 07/11/2025

Director David G. Kruczlnicki received 307 shares of Arrow Financial common stock on 07/09/2025 as part of his quarterly director retainer (Transaction Code J). The shares were valued at $27.47 each, increasing his direct ownership to 58,839 shares. No derivative securities were involved and there were no dispositions.

• The filing shows routine board compensation rather than open-market buying or selling.
• Kruczlnicki remains a Form 4 reporting insider; no change in reporting status was indicated.

No other financial metrics, earnings data, or material corporate events were disclosed in this filing.

Insights

Financial Analyst

TL;DR: Routine director retainer paid in stock; immaterial to valuation or insider-sentiment.

The acquisition of 307 shares (≈0.5% of Kruczlnicki’s total stake) for board compensation is standard practice and does not signal a strategic shift or insider conviction. At roughly $8,400 total value, the transaction is negligible relative to Arrow Financial’s market capitalization and daily trading volume. No derivatives, sales, or changes in indirect ownership were reported, so the filing is classified as not impactful for investors.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KRUCZLNICKI DAVID G

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	307	$27.47	$8K

Holdings After Transaction: Common Stock — 58,839 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^*

KRUCZLNICKI DAVID G

(Last) (First) (Middle)

6 SIENNA DRIVE

(Street)

BALLSTON LAKE NY 12019

(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)		307	A	$27.47	58,839	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	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 acquire?

Director David G. Kruczlnicki acquired 307 common shares.

What was the acquisition price disclosed in the Form 4?

The reported price was $27.47 per share.

What is the director’s total ownership after the transaction?

Kruczlnicki now directly owns 58,839 AROW shares.

What does Transaction Code "J" mean in this Form 4?

Code J indicates "other" acquisitions; here it reflects a quarterly director retainer paid in stock.

Were any derivative securities involved in the filing?

No, Table II shows no derivative securities acquired or disposed of.

Is this Form 4 filing considered material for investors?

The acquisition is routine and small; it is generally regarded as not materially impactful to Arrow Financial’s valuation.