[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) filed a Form 4 reporting that director Elizabeth Miller received 569 common shares on 07/09/2025 as her quarterly board retainer (Code J). The filing reflects an implied price of $27.47, valuing the award at roughly $15.6 k. After the grant, Miller’s direct ownership totals 38,380 shares, while she also holds 5,847 shares indirectly through Miller Family Partnership, LP. The form notes an additional 150 shares acquired via the company’s DRIP since 04/09/2025, disclosed to provide an updated holdings figure. No derivative securities or Rule 10b5-1 plan transactions are reported. The activity is routine compensation and does not signal a material change in insider sentiment or company fundamentals.

Insights

Financial Analyst

TL;DR: Routine Form 4 shows director awarded 569 AROW shares; de minimis value, neutral signal for investors.

The transaction is a standard equity retainer for board service, not an open-market purchase. At $27.47 per share, the total consideration is modest relative to Arrow Financial’s market capitalization, thus unlikely to influence valuation or liquidity. Post-award holdings (≈44 k shares combined) represent a continued alignment of director and shareholder interests but do not materially alter insider ownership percentages. No derivatives, sales, or 10b5-1 declarations appear, underscoring a low-impact, administrative filing.

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

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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)
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)		569	A	$27.47	38,380(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 150 shares acquired under the Company's DRIP since April 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	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 Elizabeth Miller acquire on 07/09/2025?

She received 569 common shares as part of her quarterly director retainer.

What was the price per share for the stock awarded to the director?

The filing lists an implied price of $27.47 per share.

What is Elizabeth Miller’s total direct ownership after the reported transaction?

Her direct holdings increased to 38,380 AROW shares.

Does the Form 4 report any derivative securities or option transactions?

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

Are the additional 150 shares acquired under the DRIP newly reported?

Yes, the filing discloses 150 DRIP shares accrued since 04/09/2025 for transparency, though they were not Form 4 reportable events.