Arrow Financial (AROW) director receives 453-share stock retainer

Rhea-AI Filing Summary

Arrow Financial Corp director Elizabeth Miller reported a routine stock-based retainer. On the reported date, she had an "other" transaction involving 453 shares of common stock at $31.76 per share, described as a quarterly director's retainer payment. Following this, she directly held 40,576 common shares. She also reported 5,847 shares held indirectly through Miller Family Partnership, LP, while expressly disclaiming beneficial ownership of those partnership-held shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Miller Elizabeth

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	453	$31.76	$14K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 40,576 shares (Direct); Common Stock — 5,847 shares (Indirect, Held by Miller Family Partnership, LP)

Footnotes (1)

1. Quarterly Director's Retainer Payment The information provided reflects 138 shares acquired under the Company's DRIP since January 28, 2026 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. 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.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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^*

Miller Elizabeth

(Last) (First) (Middle)

1071 RIDGE ROAD

(Street)

QUEENSBURY NEW YORK 12804

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/18/2026		J(1)		453	A	$31.76	40,576(2)	D
Common Stock								5,847	I(3)	Held by Miller Family Partnership, LP

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 138 shares acquired under the Company's DRIP since January 28, 2026 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.

3. 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	03/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Arrow Financial (AROW) director Elizabeth Miller report?

Elizabeth Miller reported an "other" transaction involving 453 Arrow Financial common shares as a quarterly director’s retainer. The shares were valued at $31.76 each, reflecting routine stock-based compensation rather than an open-market purchase or sale.

How many Arrow Financial (AROW) shares does Elizabeth Miller hold directly after this Form 4?

After the reported retainer transaction, Elizabeth Miller directly holds 40,576 Arrow Financial common shares. This figure includes shares acquired over time, such as those accumulated through the company’s dividend reinvestment plan, and represents her direct ownership position on the Form 4 date.

What is the role of the Miller Family Partnership, LP in Elizabeth Miller’s Arrow Financial (AROW) holdings?

The Form 4 shows 5,847 Arrow Financial shares held indirectly through Miller Family Partnership, LP. A footnote states that Miller disclaims beneficial ownership of these securities, meaning they are attributed to the partnership entity rather than to her personally for ownership purposes.

Was Elizabeth Miller’s Arrow Financial (AROW) Form 4 transaction a buy or sell?

The transaction is coded as "J," an other acquisition or disposition, and described as a quarterly director’s retainer payment. It is not classified as a traditional open-market buy or sell but instead reflects routine stock-based director compensation.

What price per share was used in Elizabeth Miller’s Arrow Financial (AROW) retainer transaction?

The 453 common shares in the quarterly director’s retainer were reported at $31.76 per share. This price is used in the Form 4 to value the stock-based retainer, even though the transaction is not an open-market trade.