Arrow Financial (AROW) director awarded 818 restricted shares vesting through 2029

Rhea-AI Filing Summary

Arrow Financial Corp director Elizabeth Miller reported a stock award of 818 shares of common stock on January 28, 2026 at $32.43 per share. The filing notes this grant is restricted stock that vests in three equal installments on January 28, 2027, January 28, 2028, and January 28, 2029.

After this award, Miller directly holds 39,985 shares of Arrow Financial common stock, which includes 146 shares acquired under the Company's DRIP since October 8, 2025. An additional 5,847 shares are held indirectly by Miller Family Partnership, LP, for which she disclaims beneficial ownership.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Miller Elizabeth

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	818	$32.43	$27K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 39,985 shares (Direct); Common Stock — 5,847 shares (Indirect, Held by Miller Family Partnership, LP)

Footnotes (1)

1. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029. The information provided reflects 146 shares acquired under the Company's DRIP since October 08, 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. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

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^*

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)
01/28/2026

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	01/28/2026		A		818(1)	A	$32.43	39,985(2)	D
Common Stock								5,847	I(3)	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. The restricted stock vests in 3 equal installments on each of January 28, 2027, January 28, 2028, and January 28, 2029.

2. The information provided reflects 146 shares acquired under the Company's DRIP since October 08, 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.

3. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for any purpose.

Remarks:

	Penko Ivanov, Attorney in Fact	02/03/2026
	** 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 insider transaction did Arrow Financial (AROW) director Elizabeth Miller report?

Arrow Financial director Elizabeth Miller reported an award of 818 shares of common stock on January 28, 2026 at $32.43 per share. The transaction is reported as an acquisition and described in the footnotes as restricted stock that will vest over three years.

How does the restricted stock granted to Elizabeth Miller at Arrow Financial (AROW) vest?

The 818 restricted shares granted to Elizabeth Miller vest in three equal installments. The vesting dates are January 28, 2027, January 28, 2028, and January 28, 2029, aligning with a standard multi-year vesting schedule for director equity compensation at the company.

How many Arrow Financial (AROW) shares does Elizabeth Miller hold after this Form 4 transaction?

Following the reported transaction, Elizabeth Miller directly holds 39,985 shares of Arrow Financial common stock. This total reflects 146 shares acquired under the Company’s DRIP since October 8, 2025, which were not previously reportable but are now included for completeness.

What indirect Arrow Financial (AROW) holdings are associated with Elizabeth Miller?

The filing shows 5,847 Arrow Financial common shares held indirectly by Miller Family Partnership, LP. Elizabeth Miller disclaims beneficial ownership of these securities, meaning the shares are associated with the partnership and not treated as her personal beneficial holdings for any purpose.

What is the significance of the DRIP shares mentioned in Elizabeth Miller’s Arrow Financial (AROW) filing?

The filing notes that 146 shares were acquired under the Company’s DRIP since October 8, 2025 and were not previously required to be reported on a Form 4. They are disclosed here to present Miller’s total direct Arrow Financial holdings as of this Form 4 date.

Does Elizabeth Miller’s Arrow Financial (AROW) Form 4 indicate she controls the partnership-held shares?

No. While 5,847 shares are held by Miller Family Partnership, LP, the filing states that Elizabeth Miller disclaims beneficial ownership of these securities. This language clarifies the partnership’s holdings should not be treated as her personal beneficial ownership for reporting purposes.