Miller Elizabeth 4

What Happened Elizabeth Miller, a director of Arrow Financial Corp (AROW), was granted 818 restricted shares on January 28, 2026 (transaction code A) at a reported per-share value of $32.43, for a total value of $26,528. This was a compensation award of restricted stock rather than an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-01-28 — 818 shares at $32.43 each (total $26,528).
• Vesting: The restricted stock vests in three equal installments on Jan 28 of 2027, 2028 and 2029 (Footnote F1).
• Additional holdings disclosure: The filing also furnishes that 146 shares were acquired under the company’s DRIP since Oct 8, 2025; these were included to disclose total holdings (F2).
• Beneficial ownership disclaimer: The reporting person disclaims beneficial ownership of these securities (F3).
• Filing timeliness: The Form 4 was filed on Feb 4, 2026 for a Jan 28, 2026 transaction; this appears to be later than the standard 2-business-day reporting window for insiders.

Context This was a restricted stock award (compensation) that vests over three years. Awards like this are routine for insiders and reflect compensation arrangements rather than an immediate market buy or sell; they do not by themselves indicate near-term buying or selling intent.