[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) – Form 4 insider filing: Director Raymond F. O’Conor reported the acquisition of 250 shares of Arrow Financial common stock on 07/09/2025. The shares were received at a price of $27.47 per share under transaction code “J”, which the footnote clarifies as the company’s “Quarterly Director’s Payment.” Following the transaction, O’Conor’s direct beneficial ownership increased to 29,543 shares.

No derivative securities were involved and there were no dispositions. Because the shares were delivered as part of routine board compensation rather than an open-market purchase, the dollar value is modest (≈ $6.9 thousand) and has no material impact on Arrow Financial’s capital structure or earnings. Nevertheless, the filing signals ongoing board-level equity alignment and indicates that the director continues to hold a meaningful personal stake in the company.

Positive

• Director equity alignment: O’Conor’s total ownership rises to 29,543 shares, reinforcing board-level alignment with shareholders.

Negative

• Limited signaling power: The 250-share grant is compensation-related (code J), not an open-market purchase, and is immaterial to valuation.

Insights

Securities Analyst

TL;DR: Minor, compensation-related insider acquisition; neutral for valuation, mildly positive for governance.

The 250-share allotment, valued at roughly $6.9 k, represents less than 0.01 % of AROW’s 15 m share count and therefore has no earnings or liquidity implications. Because the shares were issued in lieu of cash as standard board compensation (code J), they do not convey the signaling strength of an open-market purchase funded with the director’s personal capital. Still, O’Conor’s cumulative holding of 29,543 shares (≈ 0.20 % of outstanding) demonstrates meaningful skin in the game, a governance positive that aligns director incentives with shareholders. On balance, the event is routine and not financially impactful, but it modestly reinforces insider ownership quality.

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^*

O'Conor Raymond F

(Last) (First) (Middle)

7 ROLLING GREEN DRIVE

(Street)

WILTON NY 12831

(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)		250	A	$27.47	29,543	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 Payment

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).
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FAQ

How many Arrow Financial (AROW) shares did Director Raymond O’Conor acquire?

He acquired 250 common shares.

What was the acquisition price reported on the Form 4?

The shares were valued at $27.47 per share.

What is transaction code "J" in this filing?

Code J refers to shares received as part of Quarterly Director’s Payment, not an open-market trade.

How many Arrow Financial shares does O’Conor own after this transaction?

His direct beneficial ownership increased to 29,543 shares.

Does this Form 4 signal a material impact on AROW stock?

No. The grant is small (≈ $6.9 k) and is routine board compensation, so it is not material to the company’s financials.

Were any derivative securities involved in the July 9, 2025 transaction?

No derivative securities were reported in Table II of the Form 4.