[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp. (AROW) – Form 4 insider filing

Director Colin L. Read reported a non-open-market acquisition of 307 common shares on 07/09/2025 (Transaction Code J), received as part of his quarterly director retainer. The award was priced at $27.47 per share, implying an estimated value of about $8.4 thousand. After the transaction, Read’s direct ownership stands at 29,099 shares; he also reports 3,020 shares held indirectly by his spouse. No derivative securities were acquired or disposed of.

The filing reflects routine director compensation rather than discretionary buying or selling, so it carries minimal immediate market significance.

Insights

Financial Analyst

TL;DR: Routine director stock retainer; 307 shares added, minimal impact.

This Form 4 shows an automatic equity grant, not an open-market purchase, worth roughly $8k. Read now holds 29,099 direct AROW shares, a modest stake relative to Arrow Financial’s float. Because the transaction is compensation-based and small, it provides little incremental signal about insider sentiment or company fundamentals; thus, market impact should be neutral.

Corporate Governance Specialist

TL;DR: Standard Section 16 filing; satisfies disclosure, no red flags.

The grant aligns with customary board compensation policies and is properly disclosed under Section 16(a). No unusual structures or derivative positions are present. The director disclaims beneficial ownership of the spouse-held shares, consistent with best-practice reporting. Overall governance implications are neutral.

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^*

Read Colin L

(Last) (First) (Middle)

81 BLAIR ROAD

(Street)

PLATTSBURGH NY 12901

(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)		307	A	$27.47	29,099	D
Common Stock								3,020	I(2)	Held By Wife

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 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	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 Director Colin L. Read acquire?

Read acquired 307 common shares on 07/09/2025.

What was the price of the shares received by the director?

The shares were valued at $27.47 each according to the Form 4.

How many AROW shares does Colin L. Read now own directly?

Following the transaction, he owns 29,099 shares directly.

Were any derivative securities involved in this Form 4 filing?

No, the filing reports no derivative securities acquired or disposed of.

Is this transaction considered an open-market purchase?

No. Transaction Code J indicates it was a non-open-market award tied to a director retainer.