Arrow Financial (AROW) CEO David DeMarco Exercises Options, Withholds Shares

What Happened

• David S. DeMarco, President & CEO of Arrow Financial Corp., exercised 4,379 stock options on 2026-08-28 at an exercise price of $30.26 per share, costing $132,509 in aggregate.
• To cover tax withholding, 3,752 of the newly acquired shares were surrendered/disposed at a reported value of $38.16 per share (total value reported $143,176). The result is a net increase of 627 shares held by DeMarco from this transaction.
• The filing also shows the derivative (the exercised options) converted/cancelled as part of the exercise (reported as a 4,379-share derivative disposition at $0).

Key Details

• Transaction date: 2026-08-28; Form 4 filed 2026-09-01.
• Option exercise: 4,379 shares acquired @ $30.26 = $132,509.
• Tax withholding: 3,752 shares withheld/ disposed @ $38.16 = $143,176.
• Net shares retained from the exercise: 627 shares (4,379 − 3,752).
• Additional disclosure (F1): 44 shares were acquired under the company DRIP since Aug 17, 2026; this was furnished to disclose total holdings (total holdings number not shown in the filing).
• Vesting note (F2): The options vested in four equal installments beginning Jan 25, 2018.
• No late-filing flag noted in the information provided.

Context

• This was an options exercise with shares withheld to satisfy tax obligations — a common cashless-style outcome that reflects exercising vested awards rather than an open-market purchase or sale. Withholding to cover taxes is routine and not by itself a directional endorsement of the stock.
• The exercise reduced outstanding option instruments (they were converted/cancelled).