[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Elizabeth Miller, a director of ARROW FINANCIAL CORP (AROW), reported a non-derivative purchase of 496 common shares on 10/08/2025 at a price of $27.31 per share. The filing states the purchase represents a Quarterly Director's Retainer Payment. After the transaction, Ms. Miller beneficially owns 39,021 shares directly and an additional 5,847 shares indirectly through the Miller Family Partnership, LP.

The filing also discloses that 145 shares were acquired under the company's dividend reinvestment plan since 07/09/2025 and are included in the total holdings. The Form 4 was signed by an attorney-in-fact on 10/10/2025 and reports a routine, compensation-related transfer rather than an open-market purchase or sale.

Positive

• Insider increased direct holdings by 496 shares via a retainer payment, showing continued ownership
• Small purchase executed as compensation (Quarterly Director's Retainer), indicating alignment with shareholder interests
• Dividend reinvestment activity added 145 shares since 07/09/2025, modestly boosting long-term stake

Negative

• Transaction size is small relative to total shares outstanding and is unlikely to be materially market-moving
• No open‑market purchase reported, limiting interpretation about the director's independent view of valuation

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^*

Miller Elizabeth

(Last) (First) (Middle)

1071 RIDGE ROAD

(Street)

QUEENSBURY NY 12804

(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)		496	A	$27.31	39,021(2)	D
Common Stock								5,847	I	Held by Miller Family Partnership, LP

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 145 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	10/10/2025
	** 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 Elizabeth Miller report for AROW on the Form 4?

She reported acquisition of 496 common shares on 10/08/2025 at $27.31 per share as a Quarterly Director's Retainer Payment.

How many AROW shares does Elizabeth Miller beneficially own after the transaction?

She beneficially owns 39,021 shares directly and 5,847 shares indirectly through the Miller Family Partnership, LP.

Were any shares acquired under a dividend reinvestment plan (DRIP)?

Yes. The filing discloses 145 shares acquired under the company's DRIP since 07/09/2025, included in the total holdings.

What was the nature of the transaction reported on the AROW Form 4?

The transaction was compensation-related: a Quarterly Director's Retainer Payment, not an open-market trade.

When was the Form 4 signed and filed?

The signature by attorney-in-fact is dated 10/10/2025; the reported transaction date is 10/08/2025.