Arrow Financial director exercises 1,093 options

ARROW FINANCIAL CORP (AROW) director Mark Behan exercised a Director Stock Option on 2026-08-17 for 1,093 shares of common stock at an exercise price of $27.04 per share, eliminating this option position.

Rhea-AI Filing Summary

ARROW FINANCIAL CORP (AROW) director Mark Behan exercised a Director Stock Option on 2026-08-17 for 1,093 shares of common stock at an exercise price of $27.04 per share, eliminating this option position. In connection with the exercise, 760 common shares were delivered or withheld at $38.86 per share for payment of exercise price or tax liability. The option had vested in four equal annual installments beginning 1/27/2022.

Insider Trade Summary

1,093 shares exercised/converted

Exercise 3 txns

Insider Behan Mark

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy) F1	1,093	$0.00	$0.00
Exercise	Common Stock	1,093	$27.04	$30K
Exercise Price or Tax Liability	Common Stock	760	$38.86	$30K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 10,851 shares (Direct)

Footnotes (1)

1. F1. The options vested in four equal annual installments beginning 1/27/2022.

Key Figures

Option shares exercised: 1,093 shares Option exercise price: $27.04 per share Shares delivered/withheld for exercise price or tax: 760 shares +3 more

6 metrics

Option shares exercised 1,093 shares Director Stock Option converted into common stock on 2026-08-17

Option exercise price $27.04 per share Exercise or conversion price of Director Stock Option

Shares delivered/withheld for exercise price or tax 760 shares Common stock used for payment of exercise price or tax liability

Per-share value for tax/exercise payment $38.86 per share Price applied to 760 common shares delivered or withheld

Option vesting schedule Four equal annual installments Vesting began 1/27/2022 for the Director Stock Option grant

Derivative option shares remaining 0 shares Total derivative shares following transaction for this option position

Key Terms

Director Stock Option, derivative security, exercise price, tax liability

4 terms

Director Stock Option financial

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

derivative security financial

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

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exercise price financial

"conversion_or_exercise_price: "27.0400""

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.

tax liability financial

"transaction_code_description: "Payment of exercise price or tax liability by delivering or withholding securities""

FAQ

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

What insider transaction did AROW director Mark Behan report on this Form 4?

Mark Behan reported exercising a Director Stock Option for 1,093 shares of Arrow Financial common stock on 2026-08-17. This derivative exercise converted his option position into common shares, with part of the resulting shares used to cover exercise price or related tax obligations.

How many Arrow Financial (AROW) shares were acquired and disposed of in this Form 4?

The filing shows an acquisition of 1,093 common shares through option exercise and dispositions totaling 1,853 shares. This includes 1,093 option shares disposed as a derivative and 760 common shares delivered or withheld to pay the exercise price or tax liability.

What exercise and withholding prices are disclosed in the AROW Form 4 for Mark Behan?

The option was exercised at an exercise price of $27.04 per Arrow Financial share. For the payment of exercise price or tax liability, 760 common shares were delivered or withheld at a per-share value of $38.86, as reported in the non-derivative transaction section.

Were the Arrow Financial (AROW) option shares fully vested before Mark Behan’s exercise?

Yes. The footnote states the options vested in four equal annual installments beginning 1/27/2022. By the 2026-08-17 exercise date, the entire 1,093-share Director Stock Option grant was fully vested and eligible to be exercised into common stock.

Does this AROW Form 4 indicate use of a Rule 10b5-1 trading plan?

The filing’s 10b5-1 checkbox is not marked as affirmative, and there is no footnote referencing a trading plan. The transactions are therefore reported without being designated as executed pursuant to a pre-arranged Rule 10b5-1 trading arrangement.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/18/2026 - 04:47 PM EDT Accepted by SEC EDGAR 08/18/2026 - 04:47 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^*

Behan Mark

(Last) (First) (Middle)

18 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)

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

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		1,093	A	$27.04	11,611	D
Common Stock	08/17/2026		F		760	D	$38.86	10,851	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)	$27.04	08/17/2026		M			1,093	(1)	01/27/2031	Common Stock	1,093	$0	0	D

Explanation of Responses:

1. The options vested in four equal annual installments beginning 1/27/2022.

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)