Form 4: Arrow Financial Director Elizabeth Miller Acquires Shares as Part of Retainer

Arrow Financial Corp. Director Elizabeth Miller acquired 569 shares of common stock at $27.47 per share as part of her quarterly director's retainer payment, increasing her total beneficial ownership to 44,227 shares.

Summary

• Elizabeth Miller, a Director of Arrow Financial Corp. (AROW), acquired 569 shares of common stock on July 9, 2025.
• The shares were acquired at a price of $27.47 per share.
• This acquisition was identified as a quarterly director's retainer payment.
• Following this transaction, Elizabeth Miller directly owns 38,380 shares of common stock.
• An additional 5,847 shares are indirectly owned through the Miller Family Partnership, LP.
• The direct holdings include 150 shares acquired under the Company's DRIP since April 9, 2025, which were not previously required to be reported on a Form 4.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even as part of a retainer, is generally a positive signal as it aligns management's interests with shareholders. The transaction being under a 10b5-1 plan indicates a pre-planned, non-discretionary acquisition.

Positives

• A director acquiring shares, even as part of a retainer, indicates continued alignment of interests with shareholders.
• The transaction was pre-planned under a Rule 10b5-1(c) plan, suggesting a structured approach to insider transactions.
• The disclosure of previously unreported DRIP shares provides a more complete picture of the insider's holdings.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This Form 4 filing details an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide broader industry context or trends, but insider buying, even as part of compensation, can be viewed as a positive signal of management's confidence in the company's value.

Comparison to Industry Standards

• This Form 4 filing is a standard disclosure of an insider transaction and does not contain information for comparison to industry-specific financial benchmarks or competitor performance.
• The acquisition of shares by a director as part of compensation is a common practice across various industries.

Corporate Governance

Related Party Transactions

• Elizabeth Miller indirectly owns 5,847 shares through the Miller Family Partnership, LP, indicating a related party holding.

Stakeholder Impact

• Shareholders: The acquisition of shares by a director, even as part of compensation, can be viewed positively as it increases insider ownership and aligns management's interests with those of shareholders.

Key Dates

Recommendation

Keywords

Arrow Financial Corp, AROW, Elizabeth Miller, Director, Insider Trading, Form 4, Stock Acquisition, Common Stock, Director's Retainer, Rule 10b5-1, Share Ownership