Arrow Financial (AROW) director exercises options for 2,355 shares

Rhea-AI Filing Summary

Arrow Financial Corp director Mark Behan exercised director stock options into 2,355 shares of common stock on August 4, 2026, at exercise prices of $27.47 and $27.35 per share. To cover exercise price or tax obligations, 804 and 777 shares were withheld at $40.79 per share. The options vested in four equal installments beginning in 2019 and 2020, and the transactions were not reported under a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Buyer: 774 shares

Net Buy 6 txns

Insider Behan Mark

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy) F1	1,195	$0.00	$0.00
Exercise	Director Stock Option (Right to Buy) F2	1,160	$0.00	$0.00
Exercise	Common Stock	1,195	$27.47	$33K
Exercise Price or Tax Liability	Common Stock	804	$40.79	$33K
Exercise	Common Stock	1,160	$27.35	$32K
Exercise Price or Tax Liability	Common Stock	777	$40.79	$32K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 10,128 shares (Direct)

Footnotes (2)

1. F1. The options vested in four equal installments beginning January 31, 2019
2. F2. The options vested in four equal installments beginning January 30, 2020

Key Figures

Options exercised into common stock: 2,355 shares Exercise price per share (grant 1): $27.4700 Exercise price per share (grant 2): $27.3500 +4 more

7 metrics

Options exercised into common stock 2,355 shares Total underlying common shares from option exercises on 2026-08-04

Exercise price per share (grant 1) $27.4700 Conversion or exercise price for 1,195 options expiring 2028-01-31

Exercise price per share (grant 2) $27.3500 Conversion or exercise price for 1,160 options expiring 2029-01-30

Shares withheld (first block) 804 shares Common shares withheld at $40.7900 per share (code F)

Shares withheld (second block) 777 shares Additional common shares withheld at $40.7900 per share (code F)

Total shares for price/tax obligations 1,581 shares Exercise-price-or-tax-liability shares from transaction summary

Rule 10b5-1 plan checkbox false Transactions not reported as pursuant to a Rule 10b5-1 trading plan

Key Terms

Director Stock Option (Right to Buy), exercise price or tax liability, conversion or exercise price

3 terms

Director Stock Option (Right to Buy) financial

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

exercise price or tax liability financial

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

conversion or exercise price financial

""conversion_or_exercise_price": "27.4700""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/06/2026 - 05:27 PM Accepted by SEC EDGAR 08/06/2026 - 05:26 PM Learn about SEC filing dates

FAQ

What insider transactions did Arrow Financial (AROW) report for director Mark Behan?

Arrow Financial reported that director Mark Behan exercised stock options for 2,355 common shares on August 4, 2026. In connection with these exercises, 804 and 777 shares were withheld to satisfy the exercise price or related tax obligations.

How many Arrow Financial (AROW) shares were acquired through Mark Behan’s option exercises?

Behan’s option exercises converted into 2,355 shares of Arrow Financial common stock. These arose from two director stock option grants covering 1,195 and 1,160 underlying shares, which had previously vested in four equal installments beginning in 2019 and 2020.

At what prices were Mark Behan’s Arrow Financial (AROW) options exercised?

Behan exercised director stock options at $27.47 and $27.35 per share. The first price applied to 1,195 underlying shares, and the second to 1,160 shares, with the options scheduled to expire in 2028 and 2029, respectively.

How many Arrow Financial (AROW) shares were withheld for exercise price or tax obligations?

A total of 804 and 777 Arrow Financial common shares were withheld at $40.79 per share. These 1,581 shares were used to pay the exercise price or satisfy tax liabilities associated with the option exercises, as indicated by transaction code F.

Were Mark Behan’s Arrow Financial (AROW) transactions under a Rule 10b5-1 trading plan?

The filing indicates the transactions were not made under a Rule 10b5-1 trading plan. The document’s 10b5-1 checkbox is marked false, meaning these reported exercises and related share withholdings were not affirmed as pre-arranged under such a plan.

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)
08/04/2026

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	08/04/2026		M		1,195	A	$27.47	10,549	D
Common Stock	08/04/2026		F		804	D	$40.79	9,745	D
Common Stock	08/04/2026		M		1,160	A	$27.35	10,905	D
Common Stock	08/04/2026		F		777	D	$40.79	10,128	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)	$27.47	08/04/2026		M			1,195	(1)	01/31/2028	Common Stock	1,195	$0	0	D
Director Stock Option (Right to Buy)	$27.35	08/04/2026		M			1,160	(2)	01/30/2029	Common Stock	1,160	$0	0	D

Explanation of Responses:

1. The options vested in four equal installments beginning January 31, 2019

2. The options vested in four equal installments beginning January 30, 2020

Remarks:

	Penko Ivanov, Attorney in Fact	08/06/2026
	** 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)