Arrow Financial director exercises 1,126 stock options

Arrow Financial Corp director Mark Behan reported an option-related transaction involving 1,126 Director Stock Options with an exercise price of $31.34 per share.

Rhea-AI Filing Summary

Arrow Financial Corp director Mark Behan reported an option-related transaction involving 1,126 Director Stock Options with an exercise price of $31.34 per share. The options, which vested in four equal annual installments beginning January 29, 2021, were exercised into 1,126 shares of Common Stock on August 12, 2026. On the same date, 901 Common shares were delivered or withheld at $39.13 per share for payment of the option exercise price or related tax liability. The filing does not indicate use of a Rule 10b5-1 trading plan.

Insider Trade Summary

1,126 shares exercised/converted

Exercise 3 txns

Insider Behan Mark

Role Director

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy) F1	1,126	$0.00	$0.00
Exercise	Common Stock	1,126	$31.34	$35K
Exercise Price or Tax Liability	Common Stock	901	$39.13	$35K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 10,518 shares (Direct)

Footnotes (1)

1. F1. The options vested in four equal annual installments beginning January 29, 2021

Key Figures

Options exercised: 1,126 shares Option exercise price: $31.34 per share Shares delivered/withheld: 901 shares +3 more

6 metrics

Options exercised 1,126 shares Director Stock Options exercised into Common Stock on August 12, 2026

Option exercise price $31.34 per share Conversion or exercise price of Director Stock Option (Right to Buy)

Shares delivered/withheld 901 shares Common Stock delivered or withheld for exercise price or tax liability

Share value used for F transaction $39.13 per share Price applied to 901 Common shares for payment of exercise price or tax liability

Option vesting start date January 29, 2021 Options vested in four equal annual installments beginning this date

Option expiration date January 29, 2030 Expiration date of the Director Stock Options exercised

Key Terms

Director Stock Option (Right to Buy), Exercise or conversion of derivative security, Payment of exercise price or tax liability by delivering or withholding securities, Rule 10b5-1, +1 more

5 terms

Director Stock Option (Right to Buy) financial

"Security title listed as Director Stock Option (Right to Buy) for the derivative transaction"

Exercise or conversion of derivative security financial

"Transaction code M described as Exercise or conversion of derivative security"

Payment of exercise price or tax liability by delivering or withholding securities financial

"Transaction code F described as Payment of exercise price or tax liability by delivering or withholding securities"

Rule 10b5-1 regulatory

"aff_10b5_one checkbox indicates status regarding Rule 10b5-1 trading plans"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

vested in four equal annual installments financial

"Footnote states the options vested in four equal annual installments beginning January 29, 2021"

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?

Director Mark Behan reported exercising 1,126 stock options at an exercise price of $31.34 per share, receiving 1,126 Common shares and delivering or withholding 901 shares to cover the option exercise price or tax liability.

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

Mark Behan exercised 1,126 Director Stock Options in Arrow Financial Corp at an exercise price of $31.34 per share. These options converted into an equal number of Common shares on August 12, 2026, according to the reported derivative transaction.

What happened to the Common Stock received by Mark Behan in the AROW Form 4?

After exercising options into 1,126 Common shares, 901 shares were delivered or withheld at $39.13 per share for payment of the exercise price or tax liability. The remaining position in Common Stock is not quantified in this Form 4 data.

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, meaning the reported transactions are not affirmed as occurring under a Rule 10b5-1 trading plan. No footnote describes any separate pre-arranged trading arrangement.

How did Mark Behan’s Arrow Financial Corp (AROW) options vest before this exercise?

The options exercised by Mark Behan vested in four equal annual installments beginning January 29, 2021, according to the footnote. All 1,126 options were therefore vested and exercisable by the August 12, 2026 exercise date.

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

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Available on EDGAR 08/13/2026 - 04:38 PM EDT Accepted by SEC EDGAR 08/13/2026 - 04:38 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)
08/12/2026

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	08/12/2026		M		1,126	A	$31.34	11,419	D
Common Stock	08/12/2026		F		901	D	$39.13	10,518	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	08/12/2026		M			1,126	01/29/2021(1)	01/29/2030	Common Stock	1,126	$0	0	D

Explanation of Responses:

1. The options vested in four equal annual installments beginning January 29, 2021

Remarks:

	Penko Ivanov, Attorney in Fact	08/13/2026
	** 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)