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

What Happened David S. DeMarco, President & CEO of Arrow Financial Corp (AROW), exercised 1,771 stock options on 2026-09-04. The exercise is reported as an acquisition of 1,771 shares at an exercise price of $30.26 per share (total $53,590). To cover tax withholding/tax liabilities, 1,504 of those shares were surrendered/withheld at a reported value of $39.57 per share (total value ~$59,513). Net shares delivered to DeMarco from this transaction = 267 shares (1,771 exercised − 1,504 withheld). The filing also notes 29 shares acquired in the company DRIP since Aug 28, 2026.

Key Details

• Transaction date: 2026-09-04; Form 4 filed 2026-09-09 (reports the 9/4 transaction).
• Exercise: 1,771 shares acquired at $30.26 = $53,590 (transaction code M).
• Tax withholding: 1,504 shares surrendered/withheld at $39.57 = $59,513 (transaction code F).
• Additional note: a derivative conversion line shows 1,771 shares converted/disposed at $0 (typical reporting of option conversion).
• Net new shares to insider from this event: 267 shares.
• Footnotes: F1 discloses 29 DRIP shares acquired since Aug 28, 2026 (furnished for total holdings); F2 notes the options vested in four equal installments beginning Jan 25, 2018.
• Shares owned after transaction: total holdings not specified in the excerpt of the filing.

Context This was an option exercise with shares withheld to cover tax obligations — a common administrative (non-open-market) transaction rather than an outright cash sale. The filing shows exercise of long-standing options (vesting noted from 2018) and share-for-tax withholding (code F), which is routine and does not by itself indicate a change in insider sentiment.