Arrow Financial CEO exercises 3,346 stock options

ARROW FINANCIAL CORP (AROW) President & CEO David S. DeMarco reported an option exercise and related share movements.

Rhea-AI Filing Summary

ARROW FINANCIAL CORP (AROW) President & CEO David S. DeMarco reported an option exercise and related share movements. He exercised 3,346 Employee Stock Options for 3,346 shares of Common Stock at an exercise price of $27.04 per share, reducing the reported option position to 2,118 options expiring in 2031. On the same date, 2,596 shares of Common Stock were delivered or withheld at $39.25 per share for payment of exercise price or tax liability, with remaining shares held directly plus 3,035 shares held indirectly through a 401(k). A footnote states that the reported information reflects 288 shares acquired under the company DRIP and 2,632 shares related to the 2025 ESOP allocation since January 28, 2026.

Insider Trade Summary

3,346 shares exercised/converted

Exercise 4 txns

Insider DeMarco David S.

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy) F2	3,346	$0.00	$0.00
Exercise	Common Stock F1	3,346	$27.04	$90K
Exercise Price or Tax Liability	Common Stock	2,596	$39.25	$102K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 2,118 contracts (Direct); Common Stock — 94,859 shares (Direct); Common Stock — 3,035 shares (Indirect, By 401(k))

Footnotes (2)

1. F1. The information provided reflects 288 shares acquired under the Company's DRIP and 2,632 shares related to the 2025 ESOP allocation since January 28, 2026.
2. F2. The options vested in four equal annual installments beginning January 27, 2022.

Key Figures

Options Exercised: 3,346 shares Option Exercise Price: $27.04 per share Shares Delivered/Withheld for Exercise Price or Tax: 2,596 shares +5 more

8 metrics

Options Exercised 3,346 shares Employee Stock Options exercised into Common Stock on 2026-08-17

Option Exercise Price $27.04 per share Exercise price of Employee Stock Options converted on 2026-08-17

Shares Delivered/Withheld for Exercise Price or Tax 2,596 shares Common Stock delivered or withheld at $39.25 per share under code F

Price for Code F Shares $39.25 per share Per-share value for payment of exercise price or tax liability

Remaining Options 2,118 options Employee Stock Option balance following the reported exercise

401(k) Indirect Holdings 3,035 shares Common Stock held indirectly via 401(k) plan

DRIP Shares Reflected 288 shares Shares acquired under the company DRIP since January 28, 2026

2025 ESOP Allocation Shares 2,632 shares Shares related to 2025 ESOP allocation reflected in reported information

Key Terms

Employee Stock Option, ESOP, DRIP, 401(k)

4 terms

Employee Stock Option financial

"security_title: Employee Stock Option (Right to Buy)"

An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.

ESOP financial

"2,632 shares related to the 2025 ESOP allocation since January 28, 2026"

An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.

DRIP financial

"288 shares acquired under the Company's DRIP and 2,632 shares"

A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.

401(k) financial

"nature_of_ownership: By 401(k)"

A 401(k) is a type of retirement savings plan offered by employers that allows workers to set aside a portion of their paycheck before taxes are taken out. The money saved in a 401(k) can grow over time through investments, helping individuals build funds for their future retirement. It matters to investors because it provides a tax-advantaged way to save and invest for long-term financial security.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did AROW President & CEO David S. DeMarco report in this Form 4?

David S. DeMarco exercised 3,346 stock options for 3,346 Common shares at $27.04 per share and had 2,596 shares delivered or withheld at $39.25 per share to cover exercise price or tax liability, with remaining holdings reported directly and via a 401(k).

How many Arrow Financial (AROW) options did the CEO exercise and at what price?

He exercised 3,346 Employee Stock Options into Common Stock at an exercise price of $27.04 per share. These options now show 2,118 options remaining after the exercise, with an expiration date in 2031 as reported.

How many AROW shares were withheld or delivered for taxes or exercise price in this filing?

A total of 2,596 Common shares were delivered or withheld at $39.25 per share for payment of exercise price or tax liability. This is coded as a Form 4 transaction type F, which specifically covers that purpose.

What are David S. DeMarco’s remaining Arrow Financial (AROW) option and 401(k) holdings?

After the transactions, the reported remaining option position for this grant is 2,118 Employee Stock Options. Additionally, the filing lists 3,035 Common shares held indirectly through a 401(k) plan as of the same reporting date.

Were the AROW CEO’s Form 4 transactions made under a Rule 10b5-1 trading plan?

The filing indicates the Rule 10b5-1 checkbox is not marked, and the system flag for such a plan is false. There is no footnote stating that the reported transactions occurred under a pre-arranged 10b5-1 trading plan.

What additional Arrow Financial (AROW) share acquisitions are referenced in the Form 4 footnotes?

A footnote states the information reflects 288 shares acquired under the company DRIP and 2,632 shares related to the 2025 ESOP allocation since January 28, 2026, providing context for the reported share balances.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/18/2026 - 03:37 PM EDT Accepted by SEC EDGAR 08/18/2026 - 03:37 PM EDT Learn about SEC filing dates

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^*

DeMarco David S.

(Last) (First) (Middle)

7 INGERSOL ROAD

(Street)

SARATOGA SPRINGS NEW YORK 12866

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/17/2026

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	08/17/2026		M		3,346	A	$27.04	97,455(1)	D
Common Stock	08/17/2026		F		2,596	D	$39.25	94,859	D
Common Stock								3,035	I	By 401(k)

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
Employee Stock Option (Right to Buy)	$27.04	08/17/2026		M			3,346	(2)	01/27/2031	Common Stock	3,346	$0	2,118	D

Explanation of Responses:

1. The information provided reflects 288 shares acquired under the Company's DRIP and 2,632 shares related to the 2025 ESOP allocation since January 28, 2026.

2. The options vested in four equal annual installments beginning January 27, 2022.

Remarks:

	Penko Ivanov, Attorney in Fact	08/18/2026
	** 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)