Arrow Financial director exercises stock options

Arrow Financial Corp director Raymond F. O'Conor exercised previously granted director stock options to acquire 1,126 shares of common stock at $31.34 per share on June 24, 2026.

Rhea-AI Filing Summary

Arrow Financial Corp director Raymond F. O'Conor exercised previously granted director stock options to acquire 1,126 shares of common stock at $31.34 per share on June 24, 2026. On the same date, 874 shares were withheld at $40.36 per share to satisfy tax obligations. These options vested 25% per year over four years. After these transactions, he directly holds 30,902 shares of common stock.

Insider Trade Summary

1,126 shares exercised/converted

Exercise 3 txns

Insider O'Conor Raymond F

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy)	1,126	$0.00	$0.00
Exercise	Common Stock	1,126	$31.34	$35K
Exercise Price or Tax Liability	Common Stock	874	$40.36	$35K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 30,902 shares (Direct)

Footnotes (1)

1. F1. The options vested 25% per year over four years.

Key Figures

Options exercised: 1,126 shares Exercise price: $31.34 per share Tax-withholding shares: 874 shares +2 more

5 metrics

Options exercised 1,126 shares Director stock options exercised into common stock on June 24, 2026

Exercise price $31.34 per share Exercise or conversion price for director stock options

Tax-withholding shares 874 shares Shares delivered to satisfy exercise price or tax liability

Tax-withholding price $40.36 per share Per-share value used for tax-withholding disposition

Post-transaction holdings 30,902 shares Direct common stock position after June 24, 2026 transactions

Key Terms

Director Stock Option (Right to Buy), derivative security, tax-withholding disposition

3 terms

Director Stock Option (Right to Buy) financial

"Director Stock Option (Right to Buy) reported as the derivative security"

derivative security financial

"transaction_code M described as 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.

tax-withholding disposition financial

"transaction_action listed as tax-withholding disposition for 874 shares"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

FAQ

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

What did Arrow Financial Corp (AROW) director Raymond F. O'Conor report on this Form 4?

Raymond F. O'Conor reported exercising 1,126 director stock options into common shares and a related tax-withholding transaction. On June 24, 2026, he received common stock at $31.34 per share and had 874 shares withheld at $40.36 to cover obligations.

How many Arrow Financial (AROW) options did Raymond F. O'Conor exercise and at what price?

He exercised 1,126 director stock options, receiving common stock at an exercise price of $31.34 per share. These options, which vested 25% per year over four years, were reported as a derivative security exercise on June 24, 2026.

How many Arrow Financial (AROW) shares were withheld for taxes in this Form 4?

A total of 874 common shares were disposed of as a tax-withholding transaction at $40.36 per share. This disposition was reported under transaction code F as payment of the exercise price or tax liability by delivering securities.

What is Raymond F. O'Conor's Arrow Financial (AROW) shareholding after these transactions?

After the reported transactions, Raymond F. O'Conor directly holds 30,902 shares of Arrow Financial common stock. This post-transaction holding is reported as his canonical direct position following the June 24, 2026 option exercise and tax-withholding disposition.

Were Raymond F. O'Conor's Arrow Financial (AROW) transactions under a Rule 10b5-1 plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not marked as affirmatively adopted for these trades. This means the reported June 24, 2026 option exercise and related tax-withholding disposition are not identified as occurring under a Rule 10b5-1 trading plan.

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

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Accepted by SEC EDGAR 06/26/2026 - 04:51 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^*

O'Conor Raymond F

(Last) (First) (Middle)

7 ROLLING GREEN DRIVE

(Street)

WILTON NEW YORK 12831

(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)
06/24/2026

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	06/24/2026		M		1,126	A	$31.34	31,776	D
Common Stock	06/24/2026		F		874	D	$40.36	30,902	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)	$31.34	06/24/2026		M			1,126	01/29/2024(1)	01/29/2030	Common Stock	0	$0	0	D

Explanation of Responses:

1. The options vested 25% per year over four years.

Remarks:

	Penko Ivanov, Attorney in Fact	06/26/2026
	** 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)