[Form 4] Arrow Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp. (AROW) Form 4 filing: Director Tenee R. Casaccio reported the receipt of 410 common shares on 07/09/2025, coded “J” (other acquisition) and described as the company’s quarterly director payment. The shares were valued at $27.47 each, implying a transaction value of roughly $11.3 thousand. Following the grant, Casaccio’s direct holding rises to 25,897 shares.

The footnotes add that 247 additional shares were accumulated via Arrow’s Dividend Reinvestment Plan (DRIP) between 04/09/2025 and 07/09/2025; these were not previously reportable but are included to show the updated total position.

No derivative securities were reported, no disposals occurred, and there are no indications of a 10b5-1 trading plan. Because the acquisition is part of routine board compensation and modest in size relative to the issuer’s market capitalization, it is generally viewed as neutral to slightly positive for sentiment but not expected to be materially market-moving.

Insights

Securities Analyst

TL;DR: Routine director stock grant; small, non-market-moving, signals alignment but limited impact.

This Form 4 documents a standard quarterly equity payment to Director Tenee R. Casaccio. The 410-share grant, worth about $11k, lifts her direct ownership to nearly 26k shares. The filing also updates holdings for DRIP purchases, demonstrating transparent reporting but no strategic shift. Given Arrow Financial’s daily trading volume and market cap, the transaction is immaterial from a valuation perspective, yet insider accumulation—however small—leans slightly positive for governance alignment. Overall impact on the share price or corporate outlook is negligible; therefore, I classify it as 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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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^*

Casaccio Tenee R

(Last) (First) (Middle)

PO BOX 406

(Street)

BOLTON LANDING NY 12814

(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)		410	A	$27.47	25,897(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 Payment

2. The information provided reflects 247 shares acquired under the Company's DRIP since April 09, 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	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 Tenee R. Casaccio acquire?

The Form 4 shows an acquisition of 410 common shares on 07/09/2025.

What was the price per share for the director’s stock grant?

The shares were valued at $27.47 each, per the filing.

What is Director Casaccio’s total direct ownership after the transaction?

After the grant, she directly owns 25,897 AROW shares.

Were any derivative securities involved in this Form 4?

No. No derivative securities were reported in Table II.

Does the filing reference a 10b5-1 trading plan?

The checkbox for 10b5-1 was not marked; the transaction was not under a 10b5-1 plan.