What is the 203-share transaction reported by Arrow Financial (AROW) director Mark Behan?

The 203-share transaction is coded J as an “other acquisition or disposition” and footnoted as a Quarterly Director’s Retainer Payment . It reflects stock received as part of board compensation, rather than an open-market purchase or sale.

Arrow Financial (AROW) director Mark Behan sells 4,110 shares at $38.59

Q: How many Arrow Financial (AROW) shares did Mark Behan sell and at what price?

Mark Behan sold 4,110 shares of Arrow Financial common stock at an average price of $38.59 per share . This reported sale is categorized as an open-market or private transaction under transaction code S in the Form 4 filing.

Q: What does the Form 4 say about Arrow Financial (AROW) DRIP shares for Mark Behan?

The Form 4 notes that 84 shares were acquired under Arrow Financial’s dividend reinvestment plan (DRIP) since March 18, 2026. These DRIP purchases were not previously reportable but are now included to show Behan’s total direct holdings as of the filing date.

Q: Is Mark Behan’s Arrow Financial (AROW) transaction primarily a sale or a purchase?

The filing reflects a net sale position. The main activity is a 4,110-share open-market sale of Arrow Financial common stock, partially offset by a 203-share retainer-related transaction and previously unreported DRIP acquisitions now included in his total holdings.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Arrow Financial Corp director Mark Behan reported insider transactions involving the company’s common stock. On June 17, 2026, he sold 4,110 shares in an open-market transaction at $38.59 per share. The filing also shows an additional 203-share “other” transaction at $38.49 per share, described as a quarterly director’s retainer payment. Following these transactions and including 84 shares acquired through the company’s dividend reinvestment plan since March 18, 2026, Behan directly holds 8,929 shares of Arrow Financial common stock.

Insider Trade Summary

Net Seller: 4,110 shares ($158,605)

Net Sell 2 txns

Insider Behan Mark

Role null

Sold 4,110 shs ($159K)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,110	$38.59	$159K
Other	Common Stock	203	$38.49	$8K

Holdings After Transaction: Common Stock — 8,929 shares (Direct, null)

Footnotes (1)

Quarterly Director's Retainer Payment The information provided reflects 84 shares acquired under the Company's DRIP since March 18, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

Key Figures

Open-market sale: 4,110 shares Sale price: $38.59 per share Retainer payment shares: 203 shares +3 more

6 metrics

Open-market sale 4,110 shares Common Stock sold at $38.59 on June 17, 2026

Sale price $38.59 per share Price for 4,110-share open-market sale

Retainer payment shares 203 shares Quarterly Director’s Retainer Payment at $38.49

Retainer transaction price $38.49 per share Price for 203-share “other” transaction

Post-transaction holdings 8,929 shares Total direct common stock held after transactions

DRIP acquisitions 84 shares Shares acquired under DRIP since March 18, 2026

Key Terms

Quarterly Director's Retainer Payment, DRIP, open-market sale, Form 4

4 terms

Quarterly Director's Retainer Payment financial

"Quarterly Director's Retainer Payment"

DRIP financial

"84 shares acquired under the Company's DRIP since March 18, 2026"

A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.

open-market sale financial

"transaction_action": "open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 regulatory

"not required to be reported on a Form 4"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

06/22/2026 - 05:03 PM

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)
06/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/17/2026		S		4,110	D	$38.59	8,929	D
Common Stock	06/17/2026		J⁽¹⁾		203	A	$38.49	9,216⁽²⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Quarterly Director's Retainer Payment

2. The information provided reflects 84 shares acquired under the Company's DRIP since March 18, 2026 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

Remarks:

	Penko Ivanov, Attorney in Fact	06/22/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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

Mark Behan reported two transactions in Arrow Financial common stock: a 4,110-share open-market sale at $38.59 per share and a separate 203-share transaction tied to a quarterly director’s retainer payment, both dated June 17, 2026.

How many Arrow Financial (AROW) shares did Mark Behan sell and at what price?

Mark Behan sold 4,110 shares of Arrow Financial common stock at an average price of $38.59 per share. This reported sale is categorized as an open-market or private transaction under transaction code S in the Form 4 filing.

How many Arrow Financial (AROW) shares does Mark Behan hold after these transactions?

After the June 17, 2026 transactions, Mark Behan directly holds 8,929 shares of Arrow Financial common stock. This total includes 84 shares acquired through the company’s dividend reinvestment plan (DRIP) since March 18, 2026, as disclosed in the footnotes.

What does the Form 4 say about Arrow Financial (AROW) DRIP shares for Mark Behan?

The Form 4 notes that 84 shares were acquired under Arrow Financial’s dividend reinvestment plan (DRIP) since March 18, 2026. These DRIP purchases were not previously reportable but are now included to show Behan’s total direct holdings as of the filing date.

Is Mark Behan’s Arrow Financial (AROW) transaction primarily a sale or a purchase?

The filing reflects a net sale position. The main activity is a 4,110-share open-market sale of Arrow Financial common stock, partially offset by a 203-share retainer-related transaction and previously unreported DRIP acquisitions now included in his total holdings.