Miller Elizabeth 4

What Happened

Elizabeth Miller, a director of Arrow Financial Corp (AROW), acquired 453 shares on March 18, 2026 at $31.76 per share for a total value of $14,387. The transaction is reported as an "other acquisition" (code J); footnote F1 states this reflects the quarterly director's retainer paid in shares. This was a compensation-related issuance rather than an open-market purchase.

Key Details

• Transaction date: 2026-03-18; Form 4 filed: 2026-03-20 (filed two days after the transaction; appears timely under Form 4 rules).
• Transaction type/code: Other acquisition (J) — Quarterly Director's Retainer Payment (F1).
• Shares acquired: 453 @ $31.76 = $14,387.
• Additional disclosure: Footnote F2 reports 138 shares acquired under the company's DRIP since Jan 28, 2026; these were not required to be reported on a Form 4 but are furnished to reflect holdings. The filing does not list an aggregate post-transaction total holding number.
• Footnote F3: The reporting person disclaims beneficial ownership of the securities; this filing is not an admission of beneficial ownership.

Context

This transaction represents routine director compensation paid in company stock (retainer shares). Such issuances are common and are different from directors buying stock on the open market; they do not necessarily indicate the director's personal decision to invest additional cash.