Arrow Financial director exercises 1,231 options

The option terms describe vesting in four equal installments beginning January 25, 2018, while the reported option position after exercise was zero shares.

Available on EDGAR 11/09/2026 - 05:02 PM EST Accepted by SEC EDGAR 11/09/2026 - 05:01 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Arrow Financial Corp director Tenee R. Casaccio exercised a director stock option on November 5, 2026, for 1,231 common shares at a $30.26 exercise price. The reported option position after the transaction was 0 shares. She also had 964 shares delivered or withheld for payment of exercise price or tax liability. No Rule 10b5-1 plan is reported.

Insider Trade Summary

1,231 shares exercised/converted

Exercise 3 txns

Insider Casaccio Tenee R

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy) F1	1,231	$0.00	$0.00
Exercise	Common Stock	1,231	$30.26	$37K
Exercise Price or Tax Liability	Common Stock	964	$38.61	$37K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 options (Direct); Common Stock — 29,436 shares (Direct)

Footnotes (1)

1. F1. The options vest in four equal installments beginning January 25, 2018

Key Figures

Options exercised: 1,231 shares Exercise price: $30.26 per share Common shares acquired: 1,231 shares +3 more

6 metrics

Options exercised 1,231 shares November 5, 2026

Exercise price $30.26 per share Director stock option exercise on November 5, 2026

Common shares acquired 1,231 shares November 5, 2026

Shares delivered or withheld 964 shares For payment of exercise price or tax liability on November 5, 2026

Option shares following transaction 0 shares Reported after the November 5, 2026 transaction

Vesting installments 4 installments Beginning January 25, 2018

Key Terms

Director Stock Option (Right to Buy), exercise price, Rule 10b5-1 plan, vest in four equal installments

4 terms

Director Stock Option (Right to Buy) financial

"Director Stock Option (Right to Buy)"

exercise price financial

"at a $30.26 exercise price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Rule 10b5-1 plan financial

"No Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

vest in four equal installments financial

"The options vest in four equal installments"

FAQ

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

How many AROW shares did Tenee R. Casaccio acquire?

Tenee R. Casaccio acquired 1,231 common shares on November 5, 2026, through the exercise of a director stock option at a $30.26 exercise price. The reported option position afterward was 0 shares, and 964 shares were delivered or withheld for payment of exercise price or tax liability.

When did Tenee R. Casaccio’s options vest?

The options vest in four equal installments beginning January 25, 2018.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

Casaccio Tenee R

(Last) (First) (Middle)

PO BOX 406

(Street)

BOLTON LANDING NEW YORK 12814

(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)
11/05/2026

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	11/05/2026		M		1,231	A	$30.26	30,400	D
Common Stock	11/05/2026		F		964	D	$38.61	29,436	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)	$30.26	11/05/2026		M			1,231	(1)	01/25/2027	Common Stock	1,231	$0	0	D

Explanation of Responses:

1. The options vest in four equal installments beginning January 25, 2018

Remarks:

	Penko Ivanov, Attorney in Fact	11/09/2026
	** 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)