Arrow Financial (AROW) Director Raymond O'Conor Exercises Options

What Happened
Raymond F. O'Conor, a director of Arrow Financial Corp. (AROW), exercised 1,061 stock options on 2026-08-04 that produced gross proceeds/value of $35,841. To cover withholding/tax/exercise obligations, 878 shares were surrendered at $40.79 (value $35,814), leaving a net 183 shares retained. The filing also reports the conversion of the derivative instrument associated with the options (technical reporting entry at $0.00).

Key Details

• Transaction date: August 4, 2026 (filed August 6, 2026). Filing was within the standard two-business-day Form 4 window.
• Exercise: 1,061 shares at an implied value/price of $33.78 — total ~$35,841.
• Withholding/tax surrender (F): 878 shares surrendered at $40.79 — value ~$35,814.
• Net shares retained: 183 (1,061 exercised minus 878 surrendered).
• Derivative conversion: 1,061-share derivative reported as converted/disposed at $0.00 (technical entry).
• Footnote: Options vested in four equal installments beginning January 26, 2023.
• Shares owned after transaction: Not disclosed in the provided excerpt.

Context
This was an options exercise with shares withheld to satisfy tax/exercise obligations (a common cashless-style settlement), not an open-market sale or new purchase. Such routine option exercises by directors often reflect prior compensation vesting rather than a directional bet on the stock; the filing itself is factual and does not indicate the insider’s future view of the company.