[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris purchased 35 shares of the company's common stock on 08/14/2025 through the company's dividend reinvestment plan at $28.51 per share, increasing his direct beneficial ownership to 5,784 shares. The filing is a Form 4 reporting an individual transaction by a director and confirms the purchase was an optional cash DRIP acquisition rather than an open-market trade or option exercise. The transaction was reported on the Form 4 and signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Director participation via the DRIP indicates alignment with shareholder interests
• Transparent reporting filed on Form 4 and includes transaction details and price

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Small director DRIP purchase shows routine insider participation, not a material shift in ownership.

The 35-share DRIP acquisition at $28.51 is a routine reinvestment that modestly increases the director's stake to 5,784 shares. As a Director, this purchase signals continued alignment with shareholder interests but is immaterial to control or governance outcomes given the small size relative to typical outstanding shares for a public bank holding company. Reporting via Form 4 meets Section 16 disclosure requirements and preserves transparency.

Financial Analyst

TL;DR: Transaction is immaterial to valuation; indicative of minor insider reinvestment only.

The optional cash purchase under the DRIP at $28.51 per share is a modest insider buy that does not meaningfully affect equity supply or demand. With 5,784 shares held post-transaction, the position remains small and unlikely to influence earnings per share or valuation metrics. No derivative or exit activity was reported, and the transaction code and explanation align with a standard dividend reinvestment event.

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^*

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)
08/14/2025

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	08/14/2025		J(1)		35	A	$28.51	5,784	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. The reported transaction represents an optional cash purchase of shares under the Company's DRIP.

Remarks:

	Penko Ivanov, Attorney in Fact	08/15/2025
	** 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 Corp (AROW) insider Philip C. Morris do?

He purchased 35 shares through the company's dividend reinvestment plan on 08/14/2025 at $28.51 per share.

How many Arrow Financial shares does the director own after the purchase?

Following the transaction the director directly beneficially owns 5,784 shares.

Was the purchase part of an option exercise or a DRIP?

The filing states the transaction was an optional cash purchase under the Company's DRIP.

Does this Form 4 filing suggest a material change in control at AROW?

No. The reported acquisition of 35 shares is routine and immaterial to control or governance.

Who signed the Form 4 filing for Philip C. Morris?

The Form 4 was signed by Penko Ivanov, Attorney in Fact on behalf of the reporting person.