[Form 4] ARROW FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Director Daniel James White reported a purchase of 339 shares of Arrow Financial Corp (AROW) on 10/08/2025 at a price of $27.31 per share, recorded under transaction code J as a Quarterly Director's Retainer Payment. After the reported transaction, Mr. White beneficially owns 5,246 shares directly. The filing also discloses 10 additional shares acquired through the company dividend reinvestment plan since 07/09/2025, included to show total holdings as of the Form 4 date. The signature by an attorney-in-fact is dated 10/10/2025.

Insights

Corporate Governance Specialist

Director retainer paid in stock increases insider alignment with shareholders.

The reported 339-share acquisition was recorded as a director retainer (transaction code J), meaning compensation was settled in common stock rather than cash. Receiving compensation in equity commonly aligns a director's interests with long-term shareholder value because it increases direct ownership.

Risks include dilution and timing: equity retainer payments can dilute existing holders and the economic impact depends on when such payments occur. Monitor future filings for the aggregate value of equity-based director compensation over the next 12 months to assess magnitude.

Insider Transactions Analyst

Small, disclosed purchase plus DRIP disclosure clarifies total holdings.

The Form 4 shows a 339-share acquisition at $27.31 and notes 10 DRIP shares since 07/09/2025, bringing direct beneficial ownership to 5,246 shares. The filing purposefully furnishes prior DRIP activity that was not previously reportable to present complete holdings.

Because the transaction is compensation-related, it does not reflect an open-market purchase decision. Investors who track insider buying should distinguish compensation-for-equity transactions from discretionary purchases and watch subsequent Form 4s for voluntary open-market transactions within the next quarter.

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^*

White Daniel James

(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)		339	A	$27.31	5,246(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 10 shares acquired under the Company's DRIP since July 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	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).
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