AROW director increase holdings to 6,157 shares after retainer stock

Rhea-AI Filing Summary

Arrow Financial Corp. director purchased common stock and reported total holdings. A director acquired 290 shares on 10/08/2025 at an average price of $27.31 per share as a quarterly director's retainer payment executed under code J(1). The filing also discloses that an additional 50 shares were accumulated under the company's dividend reinvestment plan since 09/11/2025, which were not previously required to be reported, bringing total beneficial ownership to 6,157 shares. The Form 4 is filed by one reporting person and signed by an attorney-in-fact on 10/10/2025.

Positive

• Director alignment: acquisition of 290 shares via retainer increases insider ownership to 6,157 shares
• Transparent disclosure: the filing reports previously unreported 50 DRIP shares accumulated since 09/11/2025

Negative

• None.

Insights

Corporate Governance Analyst

Director received compensation in stock and disclosed DRIP shares, modestly increasing insider stake.

The transaction reflects a non-market acquisition type: a quarterly director's retainer converted to 290 shares at $27.31 on 10/08/2025. Such payments are routine and align the director's interests with shareholders by increasing equity ownership without an open-market trade.

Key dependencies include the ongoing DRIP activity and future retainer payments; the filing notes 50 DRIP shares added since 09/11/2025. Investors can track changes in total insider holdings across upcoming filings to gauge sustained insider accumulation over the next 6–12 months.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	290	$27.31	$8K

Holdings After Transaction: Common Stock — 6,157 shares (Direct)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 50 shares acquired under the Company's DRIP since September 11, 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.

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^*

Morris Philip C

(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)		290	A	$27.31	6,157(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 50 shares acquired under the Company's DRIP since September 11, 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 Arrow Financial (AROW) disclose in this Form 4?

The Form 4 reports a director acquired 290 shares on 10/08/2025 at $27.31 per share as a quarterly retainer, and discloses 50 DRIP shares added since 09/11/2025, bringing total beneficial ownership to 6,157 shares.

Was the purchase an open-market trade or compensation-related for AROW?

The transaction code is J(1), indicating the shares were received as a quarterly director's retainer payment, not an open-market purchase.

How many total shares does the reporting person own after the transaction?

The filing shows 6,157 shares beneficially owned following the reported transaction.

Are there any previously unreported shares included in this filing?

Yes. The report furnishes that 50 shares were acquired under the company's DRIP since 09/11/2025 and are disclosed here to reflect total holdings.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by an attorney-in-fact, Penko Ivanov, on 10/10/2025.