O'Conor Raymond F 4

What Happened

• Raymond F. O'Conor, a director of ARROW FINANCIAL CORP (AROW), exercised options to acquire 1,126 shares on 2026-06-24. The exercise was recorded at $31.34 per share (total value $35,289). Simultaneously, 874 of those shares were withheld/disposed to cover tax/exercise obligations (reported at $40.36 per share, value $35,275), resulting in about 252 shares retained by O'Conor.

Key Details

• Transaction date: 2026-06-24; reported on Form 4 filed 2026-06-26 (filed 2 days after the transaction).
• Exercise (code M): 1,126 shares acquired at $31.34 per share — total reported $35,289.
• Tax/exercise withholding (code F): 874 shares withheld/disposed at $40.36 per share — total reported $35,275.
• Derivative conversion line: one derivative entry shows the option/derivative reported as disposed at $0.00 (administrative reporting of conversion).
• Shares owned after transaction: not specified in this filing.
• Footnote: F1 — the options vest 25% per year over four years (vesting schedule disclosed).
• Filing timeliness: reported two days later (appears timely based on the filing and transaction dates).

Context

• This was an option exercise with a partial cashless outcome: shares were acquired via exercise and a portion (874 shares) were withheld to satisfy tax/exercise liabilities rather than an open-market sale. Such withholding is routine and administrative; it does not necessarily indicate a change in the insider’s view of the company.