[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Director James M. Dawsey reported an open-market acquisition of 542 shares of Arrow Financial Corp (AROW) on 10/08/2025 at a reported price of $27.31 per share, increasing his total beneficial ownership to 18,474 shares. The transaction is described as a Quarterly Director's Retainer Payment, and the filing also discloses 169 additional shares acquired under the Company's dividend reinvestment plan since 07/09/2025 to fully reflect current holdings. The Form 4 was signed by an attorney-in-fact on 10/09/2025.

Positive

• Disclosure of DRIP shares (169) improves transparency of insider holdings
• Director increased ownership by 542 shares via standard retainer, signaling continued alignment

Negative

• Transaction is small and provides limited information about director confidence in broader strategy
• No forward-looking commitments disclosed that would indicate further insider accumulation

Insights

Corporate Governance Analyst

Insider received compensation and modestly increased stake through retainer and DRIP.

The reported acquisition of 542 shares as a quarterly director retainer aligns with standard non-cash or equity-based compensation for board service. The additional 169 DRIP shares backdated to 07/09/2025 were disclosed to reconcile total holdings to 18,474 shares.

Governance risks are limited; this is a routine director compensation disclosure rather than a strategic buy or sell. Investors may note director alignment with shareholders via continued equity receipt over the next 12 months if DRIP and retainer practices persist.

Equity Markets Specialist

Transaction size is small relative to a public company and unlikely to move the stock.

At $27.31 per share, the 542-share issuance represents a modest value transfer to the director. The filing clarifies prior DRIP activity to update total beneficial ownership, improving transparency on insider holdings.

Market impact is negligible absent larger purchases or sales; short-term monitoring could focus on any future open-market trades or additional equity-based retainer issuances within the next quarter.

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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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^*

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)
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)		542	A	$27.31	18,474(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 169 shares acquired under the Company's DRIP since July 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	10/09/2025
	** 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 James M. Dawsey report on Form 4 for AROW?

He reported acquiring 542 shares on 10/08/2025 at $27.31, bringing beneficial ownership to 18,474 shares and disclosed 169 DRIP shares since 07/09/2025.

Was the 10/08/2025 transaction part of a stock purchase plan?

No. The filing states the 542 shares were a Quarterly Director's Retainer payment, not a structured purchase plan.

Does this Form 4 indicate a material change in insider ownership for AROW?

No. The net increase to 18,474 shares is modest and was driven by compensation and DRIP activity rather than a large open-market acquisition.

Who signed the Form 4 filing for the reporting person?

The Form 4 was signed by Penko Ivanov, Attorney in Fact on 10/09/2025.

Are there derivative securities reported in this filing?

No. Table II for derivative securities shows no entries; only non-derivative common stock transactions are reported.