Morris Philip C 4

What Happened
Philip C. Morris, a director of Arrow Financial Corp (AROW), received 236 shares on March 18, 2026 as a quarterly director retainer. The shares were issued at $31.76 each, for a total value of $7,495. This was an issuance as compensation (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-03-18; Price per share: $31.76; Total value: $7,495.
• Transaction type: Other acquisition (code J) — Quarterly Director's Retainer Payment (footnote F1).
• Shares owned after the transaction: not specified in the provided filing.
• Filing date: 2026-03-20 (reported two days after the transaction), which is timely under Form 4 rules.

Context
This was a compensation issuance to a director rather than a market purchase, so it primarily reflects routine director pay rather than a direct vote of confidence via an open-market buy. Such retainer-share issuances are common and should be interpreted as compensation, not necessarily an indication of insider trading sentiment.