[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Mark Behan, a director of Arrow Financial Corp (AROW), reported a purchase of 286 shares on 10/08/2025 at a price of $27.31 per share identified by transaction code J and described as a Quarterly Director's Retainer Payment. The filer also disclosed 93 shares acquired through the company's dividend reinvestment plan since 07/09/2025, which were not previously required to be reported on Form 4. Following the disclosed activity, the reporting person beneficially owns 11,796 shares. The Form 4 was signed by an attorney-in-fact, Penko Ivanov, on 10/10/2025 to furnish the total holdings.

Positive

• 286 shares acquired as a director retainer on 10/08/2025
• 93 DRIP shares disclosed from 07/09/2025 to reflect total holdings
• Total beneficial ownership clearly stated at 11,796 shares

Negative

• None.

Insights

Corporate Governance Analyst

Director received compensation in shares and disclosed cumulative holdings.

The transaction shows a director compensation event where 286 shares were reported as a retainer payment on 10/08/2025 at a reported price of $27.31. Including 93 shares from a dividend reinvestment plan since 07/09/2025, total beneficial ownership is 11,796 shares. This clarifies the director's equity position.

Key dependencies include continued use of the DRIP and standard retainer payments; any future cash-to-stock elections will change holdings. Monitor subsequent Form 4 filings for additional compensation issuances or changes to total holdings within the next year.

Securities Compliance Specialist

Form 4 furnishes previously unreported DRIP shares and reports a compensatory share issuance.

The filing uses transaction code J and explicitly states the 286 shares represent a quarterly director retainer. It also furnishes information on 93 DRIP shares acquired since 07/09/2025 that were not required to be reported earlier. The form was executed by an attorney-in-fact on 10/10/2025, meeting the disclosure mechanism to update total holdings.

Compliance risks are limited when the filing accurately discloses amount and dates; investors and compliance officers should confirm future timely filings if additional plan-based acquisitions occur within 1 year.

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^*

Behan Mark

(Last) (First) (Middle)

18 INGERSOL ROAD

(Street)

SARATOGA SPRINGS NY 12866

(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)		286	A	$27.31	11,796(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 93 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 transaction did Arrow Financial (AROW) director Mark Behan report?

The director reported a purchase of 286 shares on 10/08/2025 at $27.31 per share identified as a quarterly retainer payment.

How many shares does the reporting person own after the Form 4 transactions?

Following the disclosed activity the reporting person beneficially owns 11,796 shares.

What is the significance of the 93 DRIP shares mentioned?

The 93 shares were acquired under the company's dividend reinvestment plan since 07/09/2025 and are furnished to disclose total holdings although they were not previously required on Form 4.

Who signed the Form 4 and when was it executed?

The Form 4 was signed by attorney-in-fact Penko Ivanov on 10/10/2025 to furnish the reporting person's total holdings.

What transaction code was used and what does the filing say about it?

Transaction code J was used and the filing explains it as the Quarterly Director's Retainer Payment.