Arrow Financial director exercises stock options

Arrow Financial Corp director Mark Behan exercised stock options covering 773 shares of common stock on 2026-08-06 at an exercise price of $31.47 per share.

Rhea-AI Filing Summary

Arrow Financial Corp director Mark Behan exercised stock options covering 773 shares of common stock on 2026-08-06 at an exercise price of $31.47 per share. The related director stock option position was reduced to 0 derivative shares, and 608 shares of common stock were delivered or withheld for payment of exercise price or tax liability at $39.97 per share.

Insider Trade Summary

773 shares exercised/converted

Exercise 3 txns

Insider Behan Mark

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy) F1	773	$0.00	$0.00
Exercise	Common Stock	773	$31.47	$24K
Exercise Price or Tax Liability	Common Stock	608	$39.97	$24K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 10,293 shares (Direct)

Footnotes (1)

1. F1. The options vested in four equal installments beginning 2/1/2024

Key Figures

Options Exercised: 773 shares Option Exercise Price: $31.47 per share Shares Delivered/Withheld: 608 shares +4 more

7 metrics

Options Exercised 773 shares Director stock options exercised into common stock on 2026-08-06

Option Exercise Price $31.47 per share Conversion or exercise price of director stock option grant

Shares Delivered/Withheld 608 shares Common shares delivered or withheld for exercise price or tax liability

Withholding Price $39.97 per share Price per share for code F exercise-price-or-tax-liability disposition

Option Expiration Date 2033-02-01 Expiration date of the director stock option grant exercised

Option Vesting Start 2024-02-01 Options vested in four equal installments beginning this date

Derivative Shares Remaining 0 shares Director stock option position following this reported exercise

Key Terms

Director Stock Option, Exercise or conversion of derivative security, Payment of exercise price or tax liability, vested in four equal installments

4 terms

Director Stock Option 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"

Payment of exercise price or tax liability financial

"transaction_code_description: Payment of exercise price or tax liability"

vested in four equal installments financial

"The options vested in four equal installments beginning 2/1/2024"

FAQ

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

What did Arrow Financial Corp (AROW) director Mark Behan report in this Form 4?

Mark Behan reported exercising director stock options for 773 shares of Arrow Financial Corp common stock at an exercise price of $31.47 per share. The exercise generated 773 common shares, with a portion later delivered or withheld to cover costs.

How many Arrow Financial Corp (AROW) options did Mark Behan exercise and at what price?

Mark Behan exercised director stock options covering 773 shares of Arrow Financial Corp common stock at an exercise price of $31.47 per share. These options were originally scheduled to vest in four equal installments beginning February 1, 2024.

What happened to the Arrow Financial Corp (AROW) options position after the transaction?

Following the reported option exercise, the director stock option position tied to this grant shows 0 derivative shares remaining. This indicates the specific option award covering 773 shares was fully exercised and no related derivative balance remains from that grant.

How many Arrow Financial Corp (AROW) shares were used to pay exercise price or taxes?

A total of 608 shares of Arrow Financial Corp common stock were delivered or withheld at $39.97 per share. The filing describes this as payment of exercise price or tax liability connected to the option exercise reported on the same date.

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

The Form 4 indicates the Rule 10b5-1 checkbox is not marked as affirmative. There is no footnote stating the transactions were executed pursuant to a pre-arranged trading plan, so the filing does not describe these as plan-based trades.

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

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Accepted by SEC EDGAR 08/10/2026 - 10:46 AM 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)
08/06/2026

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	08/06/2026		M		773	A	$31.47	10,901	D
Common Stock	08/06/2026		F		608	D	$39.97	10,293	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	08/06/2026		M			773	02/01/2024(1)	02/01/2033	Common Stock	773	$0	0	D

Explanation of Responses:

1. The options vested in four equal installments beginning 2/1/2024

Remarks:

	Penko Ivanov, Attorney in Fact	08/10/2026
	** 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)