Arrow Financial director exercises 386 stock options

Arrow Financial Corp director Philip C. Morris exercised stock options to acquire 386 shares of Common Stock on May 19, 2026.

Rhea-AI Filing Summary

Arrow Financial Corp director Philip C. Morris exercised stock options to acquire 386 shares of Common Stock on May 19, 2026. The options had an exercise price of $31.47 per share. Following the transaction, he directly owns 8,494 Common shares and 129 remaining Director Stock Options, which expire on February 1, 2033.

The exercised options vested in four equal annual installments beginning February 1, 2024, indicating a scheduled compensation-related event rather than an open‑market trade.

Insider Trade Summary

386 shares exercised/converted

Exercise 2 txns

Insider Morris Philip C

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy)	386	$0.00	$0.00
Exercise	Common Stock	386	$31.47	$12K

Holdings After Transaction: Director Stock Option (Right to Buy) — 129 contracts (Direct); Common Stock — 8,494 shares (Direct)

Footnotes (1)

1. F1. The options vested in four equal annual installments beginning February 1, 2024.

Key Figures

Options exercised: 386 shares Exercise price: $31.47 per share Common shares held after: 8,494 shares +1 more

4 metrics

Options exercised 386 shares Director Stock Options converted to Common Stock on May 19, 2026

Exercise price $31.47 per share Strike price for Director Stock Options exercised

Common shares held after 8,494 shares Direct ownership of Arrow Financial Common Stock after transaction

Remaining options 129 options Director Stock Options outstanding after exercise, expiring February 1, 2033

Key Terms

Director Stock Option (Right to Buy), Exercise or conversion of derivative security, derivative, vested in four equal annual installments

4 terms

Director Stock Option (Right to Buy) financial

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

Exercise or conversion of derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

derivative financial

"transaction_type: "derivative" for the stock option record"

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

vested in four equal annual installments financial

"footnote: "The options vested in four equal annual installments""

FAQ

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

What did Arrow Financial (AROW) director Philip C. Morris do in this Form 4?

Director Philip C. Morris exercised stock options to acquire 386 Arrow Financial Common shares at an exercise price of $31.47 per share on May 19, 2026. This was a derivative exercise, not an open‑market purchase or sale.

How many Arrow Financial (AROW) shares does Philip C. Morris hold after this transaction?

After the option exercise, Philip C. Morris directly holds 8,494 shares of Arrow Financial Common Stock. He also retains 129 Director Stock Options, providing additional potential future equity exposure if exercised before their expiration on February 1, 2033.

What was the exercise price of the Arrow Financial (AROW) options in this Form 4?

The Director Stock Options were exercised at an exercise price of $31.47 per share. This price represents the pre‑set strike at which Morris could convert the options into 386 Common shares, reflecting previously granted equity compensation rather than a market‑priced purchase.

Are the Arrow Financial (AROW) transactions in this Form 4 open‑market buys or sells?

The Form 4 shows a derivative exercise, coded “M,” meaning options were converted into Common shares. There were no open‑market purchases or sales reported. The event reflects routine equity compensation mechanics instead of discretionary trading in the public market.

When did the Arrow Financial (AROW) director’s stock options vest?

The options vested in four equal annual installments beginning on February 1, 2024. This schedule indicates a multi‑year compensation structure where portions of the Director Stock Options became exercisable each year as long as service conditions were met.

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

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Accepted by SEC EDGAR 05/21/2026 - 03:55 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^*

Morris Philip C

(Last) (First) (Middle)

250 GLEN STREET

(Street)

GLENS FALLS NEW YORK 12801

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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	05/19/2026		M		386	A	$31.47	8,494	D

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
Director Stock Option (Right to Buy)	$31.47	05/19/2026		M			386	(1)	02/01/2033	Common Stock	386	$0	129	D

Explanation of Responses:

1. The options vested in four equal annual installments beginning February 1, 2024.

Remarks:

	Penko Ivanov, Attorney in Fact	05/21/2026
	** 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)